Cowen Inc. COWN Income Statement

Cowen inc. (COWN)

Income statement / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Revenues
Investment banking
399,947	375,025	364,588	369,219	339,340	357,222	330,269	305,729	285,049	223,614	193,205	172,544	143,685	133,279	134,174	150,464	183,695	222,781	231,616	224,403	186,177	170,506	160,555	142,450	137,729	105,333	91,643	82,615	73,298	71,762	61,685	53,835	51,924	50,976	47,040	46,162	0	0	0
Brokerage
444,646	402,747	415,369	413,409	405,312	413,582	396,064	388,249	348,809	293,610	250,139	215,524	198,779	199,180	193,866	185,346	173,203	157,722	151,153	144,402	142,756	140,132	128,485	122,613	120,823	114,593	106,468	100,707	93,754	91,167	93,025	95,994	96,033	99,611	103,888	108,011	0	0	0
Management fees
-	-	-	-	-	-	-	-	-	-	34,248	36,297	38,290	-	42,688	42,935	42,552	41,906	43,384	42,661	42,087	40,627	37,197	36,728	36,734	37,303	38,119	37,658	37,892	38,116	43,293	46,284	0	-	0	0	-	-	-
Management fees
37,071	32,608	28,802	29,048	29,382	29,658	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Incentive income
-	-	-	-	-	-	-	-	-	-	11,728	11,067	7,769	-	3,924	2,733	205	1,466	-1,235	-2,165	2,659	2,785	9,885	13,243	12,473	12,586	9,810	8,705	7,331	5,411	2,719	-520	-425	3,265	0	0	0	-	-
Incentive income
1,532	1,547	3,744	3,076	3,116	3,117	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Interest and dividends
187,898	174,913	160,344	126,085	111,147	108,009	99,627	87,497	70,305	49,440	30,392	19,980	16,168	14,732	15,614	15,312	14,366	13,796	23,279	33,400	42,701	48,870	44,080	41,324	39,385	39,454	40,574	33,210	28,557	24,608	15,822	23,147	23,119	22,306	25,599	16,049	0	0	0
Reimbursement from affiliates
999	1,026	752	867	949	1,038	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reimbursement from affiliates
-	-	-	-	-	-	-	-	-	-	4,867	6,523	8,269	-	19,326	20,541	21,802	21,557	15,603	14,721	14,237	12,495	12,951	12,653	10,849	10,434	7,352	6,547	6,714	6,274	5,150	4,758	4,358	4,322	4,348	5,111	0	0	0
Aircraft lease revenue
-	-	343	718	-	1,852	2,224	2,783	3,407	3,751	4,126	4,281	4,826	4,161	3,071	1,982	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reinsurance premiums
50,215	46,335	40,913	41,145	36,040	38,096	35,290	34,098	32,554	30,996	31,173	32,892	38,538	32,459	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenues
6,222	5,433	3,886	4,283	4,229	4,504	6,260	8,028	8,497	8,561	10,562	23,367	22,434	22,355	18,982	4,087	4,379	3,726	9,703	9,511	9,559	9,446	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,788	2,933	3,279	3,668	2,751	2,359	1,760	1,583	1,853	1,942	0	0	0
Consolidated Funds
Interest and dividends
9,972	9,772	9,399	9,319	8,945	9,816	10,182	8,759	7,072	5,870	5,527	5,560	5,710	4,792	3,919	3,260	1,918	1,086	1,091	1,488	1,947	2,189	2,460	2,073	1,659	1,185	529	298	87	136	241	355	461	569	0	0	0	-	-
Other revenues
653	37	99	51	32	22	967	822	1,109	1,451	632	761	1,029	1,157	1,101	1,137	988	527	458	478	70	726	2,663	2,804	2,808	2,213	281	340	364	373	368	282	264	180	0	0	0	-	-
Total revenues
1,139,155	1,049,443	1,028,239	997,220	939,629	966,916	911,435	869,237	795,194	658,781	576,599	528,796	485,497	471,565	459,908	442,135	444,512	464,567	475,052	468,899	442,193	427,776	404,602	379,650	367,955	328,519	288,195	0	0	-	0	-	-	-	-	-	-	-	-
Interest and dividends expense
178,336	168,628	154,359	123,882	108,660	104,116	98,522	87,654	75,559	60,949	44,715	37,195	31,928	29,308	28,845	28,600	27,751	26,220	32,299	37,361	41,459	42,752	36,805	30,657	27,953	27,299	25,338	21,113	16,831	12,137	8,592	8,440	8,348	9,233	8,927	7,644	0	0	0
Total net revenues
960,819	880,815	873,880	873,338	830,969	862,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and dividends, Consolidated Funds
9,972	9,772	9,399	9,319	8,945	9,816	10,182	8,759	7,072	5,870	5,157	5,824	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Other revenues, Consolidated Funds
653	37	99	51	32	22	967	822	1,109	1,451	491	1,182	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Revenue, Net
-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	-	-	-
Expenses
Total revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Employee compensation and benefits
528,318	535,772	505,345	513,508	509,369	512,627	517,489	492,288	462,554	404,087	374,795	370,014	323,530	310,038	311,102	269,002	288,703	321,386	335,305	344,710	333,786	305,483	259,675	247,483	230,586	207,248	202,276	195,984	191,574	194,034	208,556	204,885	205,363	203,767	180,307	175,203	0	0	0
Brokerage and trade execution costs
110,475	103,235	105,660	103,069	104,847	109,399	109,700	112,300	97,476	75,601	56,617	39,024	32,818	32,286	32,929	31,120	29,348	27,460	25,205	23,915	23,673	23,425	21,753	22,049	22,511	22,709	26,828	24,465	22,327	20,226	15,184	16,614	16,117	16,475	15,947	15,404	0	0	0
Underwriting expenses
15,576	15,067	14,405	15,971	14,350	15,282	13,260	8,848	4,063	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Professional, advisory and other fees
49,183	48,385	59,812	51,975	44,174	40,957	29,139	28,442	33,150	31,942	29,949	28,253	23,412	23,190	25,289	26,376	26,044	25,578	23,002	21,231	20,251	18,724	16,344	15,745	14,373	14,625	16,062	15,574	16,267	16,339	19,255	23,784	30,487	33,702	28,859	23,675	0	0	0
Service fees
24,880	23,707	22,537	21,474	20,667	20,198	19,999	19,102	17,578	14,999	11,511	9,603	8,350	7,918	8,531	8,234	7,833	7,535	7,248	7,403	7,815	8,071	8,314	8,732	9,333	9,768	10,697	11,153	11,621	11,281	12,771	13,779	14,990	16,365	15,576	15,795	0	0	0
Communications
31,989	31,894	32,889	32,488	31,316	30,801	28,840	27,369	26,266	23,460	21,667	19,863	18,389	17,768	17,299	16,158	14,822	14,325	14,208	14,016	13,845	13,449	12,997	13,192	12,941	13,434	10,147	11,188	12,270	11,932	17,255	16,369	16,858	16,350	14,455	13,972	0	0	0
Occupancy and equipment
39,334	39,726	41,377	41,733	41,663	41,602	40,317	39,833	37,982	35,184	33,627	32,004	31,344	32,286	31,942	31,195	30,232	29,055	27,678	27,042	26,456	26,025	25,081	25,183	25,407	24,729	24,827	0	0	-	0	-	-	-	-	-	-	-	-
Occupancy and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	23,132	22,752	0	0	0
Depreciation and amortization
20,946	20,460	17,868	15,925	14,167	12,436	13,024	13,337	13,275	13,078	12,671	12,393	12,674	12,713	12,568	11,695	10,427	9,498	9,736	9,709	9,946	10,188	9,477	9,827	10,054	10,227	10,278	10,081	9,835	9,437	15,927	15,921	15,569	15,472	8,702	8,671	0	0	0
Client services and business development
50,873	50,371	46,709	43,016	38,997	35,927	30,589	29,469	28,796	28,327	27,998	28,796	28,550	27,828	27,432	26,215	25,983	25,413	24,487	25,932	24,853	22,897	21,828	18,744	17,768	17,353	15,231	15,248	14,342	14,069	15,471	15,495	15,874	16,725	15,228	16,073	0	0	0
Goodwill Impairment
-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reinsurance claims, commissions and amortization of deferred acquisition costs
48,338	44,070	38,797	39,375	38,517	41,086	37,304	35,688	33,039	30,486	29,590	31,028	35,519	29,904	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring Costs
-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expenses
23,327	23,114	21,936	21,995	21,948	22,014	20,653	20,278	19,016	18,196	15,961	14,304	12,827	14,815	15,556	16,036	16,033	15,594	16,901	16,482	16,861	15,209	11,809	11,693	11,000	11,486	12,069	12,501	13,907	13,682	15,777	14,255	9,455	9,746	9,721	12,273	0	0	0
Consolidated Funds
Interest and dividends
4,987	4,602	4,250	4,367	5,490	6,534	8,171	8,135	7,764	9,836	9,467	9,898	9,297	6,434	4,538	3,239	2,015	1,104	1,129	981	887	788	660	538	455	345	202	108	6	22	32	81	117	147	0	0	0	-	-
Professional, advisory and other fees
3,271	2,426	1,565	899	871	938	992	1,006	965	1,145	1,090	1,222	1,238	1,148	1,137	974	866	654	474	648	576	620	1,061	943	895	1,157	967	1,000	1,469	1,361	1,173	1,912	1,964	2,136	0	0	0	-	-
Brokerage and trade execution costs
89	122	167	191	245	256	232	257	273	318	403	512	518	431	311	118	63	51	55	76	24	16	21	111	287	285	271	180	0	-	0	0	-	-	-	-	-	-	-
Other expenses
1,848	1,813	1,595	1,291	1,060	887	975	997	992	1,227	1,099	1,184	1,158	1,051	1,126	946	824	501	267	221	203	210	263	228	270	252	265	297	260	293	282	299	448	499	0	0	0	-	-
Interest and dividends, Consolidated Funds
4,987	4,602	4,250	4,367	5,490	6,534	8,171	8,135	7,764	9,836	8,990	9,263	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Professional, advisory and other fees, Consolidated Funds
3,271	2,426	1,565	899	871	938	992	1,006	965	1,145	1,238	1,353	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Other expenses, Consolidated Funds
1,848	1,813	1,595	1,291	1,060	887	975	997	992	1,227	1,213	1,209	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Total expenses
957,534	948,864	919,012	911,377	887,681	890,944	860,754	827,641	782,022	696,649	623,272	602,315	542,244	517,810	539,529	482,237	481,507	504,374	520,328	532,061	522,969	490,191	426,088	405,125	383,833	360,917	355,143	342,460	333,273	326,900	314,248	316,422	0	-	0	0	-	-	-
Other income (loss)
Net gains (losses) on securities, derivatives and other investments
-2,658	80,409	64,755	78,349	91,158	68,043	77,806	64,092	66,092	76,179	77,359	85,186	46,249	23,381	21,463	-28,302	986	36,789	81,150	118,598	132,565	104,928	56,397	57,241	39,198	39,651	44,143	41,973	46,766	54,630	19,979	7,545	0	-	0	0	-	-	-
Goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-
Bargain purchase gain, net of tax
-	-	-	-	-	-	-	-	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on debt extinguishment
-	-	0	0	-	-	0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Consolidated Funds
Net realized and unrealized gains (losses) on investments and other transactions
-16,679	59,384	17,165	11,832	33,564	46,656	23,790	24,583	25,818	19,660	61,782	72,464	19,355	7,085	-2,099	-21,521	5,105	12,517	12,489	12,688	15,446	12,890	7,275	9,839	7,772	10,678	17,436	11,610	5,482	6,376	1,609	1,158	8,546	4,925	0	0	0	-	-
Total expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Net gains (losses) on securities, derivatives and other investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0
Net realized and unrealized gains (losses) on investments and other transactions, Consolidated Funds
-16,679	59,384	17,165	11,832	33,564	46,656	23,790	24,583	25,818	19,660	67,909	35,230	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-
Net realized and unrealized gains (losses) on derivatives
35	-1,003	1,962	3,333	6,171	9,408	20,329	18,885	18,086	19,476	5,383	10,531	14,266	13,503	16,000	10,554	4,776	2,071	359	2,336	2,869	2,451	1,656	-85	0	-	0	0	-	877	497	355	-102	-583	0	0	0	-	-
Net gains (losses) on foreign currency transactions
-16	-18	-128	-120	513	191	138	148	-660	-411	-274	-308	13	97	26	39	-73	-91	-46	-31	-9	-18	151	197	0	-	0	0	-	-7	7	311	171	53	0	0	0	-	-
Net realized and unrealized gains (losses) on derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Net gains (losses) on foreign currency transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
Total other income (loss)
-19,318	138,772	83,754	93,394	130,850	123,742	104,436	90,081	100,211	105,779	152,196	175,819	79,883	44,066	35,390	-39,230	10,794	51,286	93,952	133,591	150,871	120,251	65,278	66,921	47,186	50,695	62,261	54,350	53,205	61,876	63,839	29,051	48,375	41,767	36,348	54,670	0	0	0
Income (loss) before income taxes
-16,033	70,723	38,622	55,355	74,138	95,598	46,665	34,093	27,894	6,962	48,872	60,781	-6,172	-31,487	-44,231	-79,332	-26,201	11,479	48,676	70,429	70,095	57,836	43,792	41,446	31,308	18,297	1,470	0	0	-	0	-	-	-	-	-	-	-	-
Income (loss) before income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-51,301	-30,593	0	0	0
Income tax expense (benefit)
10,503	14,853	9,335	13,053	11,973	15,719	56,645	53,843	49,065	44,053	-9,132	-2,654	-13,861	-19,092	-59,261	-73,101	-57,763	-47,496	-119,998	-114,776	-118,076	-124,944	435	248	360	457	240	449	482	448	-1,858	-1,949	-20,094	-20,073	-17,420	-16,893	0	0	0
Net income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Net income (loss) from discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Net income (loss)
-26,536	55,870	29,287	42,302	62,165	79,879	-9,980	-19,750	-21,171	-37,091	58,004	63,435	7,689	-12,395	15,030	-6,231	31,562	58,975	168,674	185,205	188,171	182,780	43,357	41,198	30,948	17,840	4,442	-15,546	-29,274	-23,957	-92,303	-129,702	-96,827	-102,183	-38,968	-13,700	0	0	0
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and investment funds
-	-	-	11,172	-	-	-	29,304	25,842	-	44,818	58,134	20,284	6,882	1,742	-12,392	8,229	15,246	13,135	12,797	14,097	15,564	16,093	16,846	13,885	13,193	11,663	5,871	1,182	-72	2,128	2,378	7,270	5,827	0	0	0	-	-
Net Income (Loss) Attributable to Noncontrolling Interest
0	-	0	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0
Net income (loss) attributable to Cowen Inc.
4,925	24,631	24,487	36,162	35,749	42,819	-38,232	-49,054	-47,013	-60,882	13,186	5,301	-12,595	-19,277	13,288	6,161	23,333	43,729	155,539	172,408	174,074	167,216	27,264	24,352	17,063	4,647	-7,221	-21,417	-30,456	-23,885	-94,431	-132,080	-104,097	-108,010	-43,470	-16,433	0	0	0
Preferred stock dividends
6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,792	6,811	6,716	5,773	4,075	2,358	755	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) attributable to Cowen Inc. common stockholders
-1,867	17,839	17,695	29,370	28,957	36,027	-45,024	-55,846	-53,805	-67,674	6,394	-1,491	-19,387	-26,069	6,477	-555	17,560	39,654	17,233	37,564	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Weighted average common shares outstanding:
Basic (in shares)
28,598	29,052	29,529	29,769	29,750	29,176	29,610	29,769	29,625	31,002	31,271	28,634	27,061	26,977	26,993	26,867	26,591	-223,071	109,191	111,915	112,053	-231,294	114,969	115,569	115,680	117,420	118,359	117,235	113,798	113,769	114,989	114,561	114,281	115,974	115,664	76,330	74,160	73,385	72,693
Diluted (in shares)
28,598	30,733	31,264	31,522	31,625	30,884	30,844	30,720	30,492	27,847	32,246	29,474	28,401	26,977	26,993	26,867	26,591	-229,835	109,191	118,226	118,590	-242,414	118,801	120,199	122,898	127,061	122,708	120,901	113,798	112,387	114,989	114,561	115,663	112,483	115,664	77,898	76,083	73,385	72,693
Earnings (loss) per share:
Earnings Per Share, Basic (in dollars per share)
-0.41	0.12	0.07	0.14	0.27	0.12	0.47	0.12	0.51	-2.63	0.09	0.20	0.05	-0.14	-0.18	-0.45	-0.20	1.35	-0.11	0.05	0.15	5.60	0.06	0.07	0.09	0.02	0.03	0.01	-0.02	-0.08	-0.09	-0.07	0.03	-	-	0.26	-	-0.21	-0.29
Earnings Per Share, Diluted (in dollars per share)
-0.41	0.11	0.07	0.13	0.26	0.10	0.45	0.12	0.50	-2.62	0.09	0.19	0.05	-0.14	-0.18	-0.45	-0.20	1.29	-0.11	0.05	0.14	5.40	0.05	0.07	0.08	0.02	0.03	0.01	-0.02	-0.08	-0.09	-0.07	0.03	-	-	0.26	-	-0.21	-0.29
Income (loss) from continuing operations, basic (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.37	-	0.00	-	-
Income (loss) from discontinued operations, basic (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.04	-	-	-	-
Income (loss) from continuing operations, diluted (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.37	-	0.00	-	-
Income (loss) from discontinued operations, diluted (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.04	-	-	-	-