Cowen Inc. COWNZ Income Statement

Cowen inc. (COWNZ)

Income statement / Quarterly

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
105,028	102,922	77,292	114,705	80,106	92,485	81,923	84,826	97,988	65,532	57,383	64,146	36,553	35,123	36,722	35,287	26,147	36,018	53,012	68,518	65,233	44,853	45,799	30,292	49,562	34,902	27,694	25,571	17,166	21,212	18,666	16,254	15,630	11,135	10,816	14,343	14,682	7,199	9,938
Brokerage
139,362	99,907	93,995	111,382	97,463	112,529	92,035	103,285	105,733	95,011	84,220	63,845	50,534	51,540	49,605	47,100	50,935	46,226	41,085	34,957	35,454	39,657	34,334	33,311	32,830	28,010	28,462	31,521	26,600	19,885	22,701	24,568	24,013	21,743	25,670	24,607	27,591	26,020	29,793
Management fees
-	-	-	-	-	-	-	-	-	-	8,223	8,656	8,708	-	10,272	10,649	11,030	10,737	10,519	10,266	10,384	12,215	9,796	9,692	8,924	8,785	9,327	9,698	9,493	9,601	8,866	9,932	9,717	-	14,778	11,857	-	-	-
Management fees
11,604	11,128	7,300	7,039	7,141	7,322	7,546	7,373	7,417	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11,164	8,278	8,881
Incentive income
-	-	-	-	-	-	-	-	-	-	1,945	3,726	546	-	1,284	428	1,111	1,101	93	-2,100	2,372	-1,600	-837	2,724	2,498	5,500	2,521	1,954	2,611	2,724	1,416	580	691	32	-1,823	675	4,381	-	-
Incentive income
0	823	701	8	15	3,020	33	48	16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,672	-100
Interest and dividends
42,077	45,067	60,707	40,047	29,092	30,498	26,448	25,109	25,954	22,116	14,318	7,917	5,089	3,068	3,906	4,105	3,653	3,950	3,604	3,159	3,083	13,433	13,725	12,460	9,252	8,643	10,969	10,521	9,321	9,763	3,605	5,868	5,372	977	10,930	5,840	4,559	4,270	1,380
Reimbursement from affiliates
261	246	238	254	288	-28	353	336	377	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reimbursement from affiliates
-	-	-	-	-	-	-	-	-	-	484	495	1,652	-	2,140	2,241	3,887	11,058	3,355	3,502	3,642	5,104	2,473	3,018	1,900	5,560	2,175	1,214	1,485	2,478	1,370	1,381	1,045	1,354	978	981	1,009	1,380	1,741
Aircraft lease revenue
-	-	0	0	-	343	375	419	715	715	934	1,043	1,059	1,090	1,089	1,588	394	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reinsurance premiums
10,471	17,267	8,146	14,331	6,591	11,845	8,378	9,226	8,647	9,039	7,186	7,682	7,089	9,216	8,905	13,328	1,010	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenues
1,850	2,205	1,237	930	1,061	658	1,634	876	1,336	2,414	3,402	1,345	1,400	4,415	16,207	412	1,321	1,042	1,312	704	668	7,019	1,120	752	555	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	556	485	478	1,269	701	831	867	352	309	232	690	622	398
Consolidated Funds
Interest and dividends
2,525	1,624	2,374	3,449	2,325	1,251	2,294	3,075	3,196	1,617	871	1,388	1,994	1,274	904	1,538	1,076	401	245	196	244	406	642	655	486	677	255	241	12	21	24	30	61	126	138	136	169	-	-
Other revenues
631	-54	57	19	15	8	9	0	5	953	-136	287	347	134	-7	555	475	78	29	406	14	9	49	-2	670	1,946	190	2	75	14	249	26	84	9	163	8	0	-	-
Total revenues
313,809	281,135	252,047	292,164	224,097	259,931	221,028	234,573	251,384	204,450	178,830	160,530	114,971	122,268	131,027	117,231	101,039	110,611	113,254	119,608	121,094	121,096	107,101	92,902	106,677	97,922	82,149	81,207	67,241	-	57,598	-	-	-	-	-	-	-	-
Interest and dividends expense
38,792	43,539	56,477	39,528	29,084	29,270	26,000	24,306	24,540	23,676	15,132	12,211	9,930	7,442	7,612	6,944	7,310	6,979	7,367	6,095	5,779	13,058	12,429	10,193	7,072	7,111	6,281	7,489	6,418	5,150	2,056	3,207	1,724	1,605	1,904	3,115	2,609	1,299	621
Total net revenues
275,017	237,596	195,570	252,636	195,013	230,661	195,028	210,267	226,844	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest and dividends, Consolidated Funds
2,525	1,624	2,374	3,449	2,325	1,251	2,294	3,075	3,196	1,617	871	1,388	1,994	-	904	1,538	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	138	136	169	-	-
Other revenues, Consolidated Funds
631	-54	57	19	15	8	9	0	5	953	-136	287	347	-	-7	555	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	163	8	0	-	-
Revenue, Net
-	-	-	-	-	-	-	-	-	-	163,698	148,319	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	59,470	57,480	-	61,959	58,679	-	-	-
Expenses
Total revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	64,245	52,202	55,000
Employee compensation and benefits
124,428	147,586	120,320	135,984	131,882	117,159	128,483	131,845	135,140	122,021	103,282	102,111	76,673	92,729	98,501	55,627	63,181	93,793	56,401	75,328	95,864	107,712	65,806	64,404	67,561	61,904	53,614	47,507	44,223	56,932	47,322	43,097	46,683	71,454	43,651	43,575	45,087	47,994	38,547
Brokerage and trade execution costs
32,886	24,657	25,808	27,124	25,646	27,082	23,217	28,902	30,198	27,383	25,817	14,078	8,323	8,399	8,224	7,872	7,791	9,042	6,415	6,100	5,903	6,787	5,125	5,858	5,655	5,115	5,421	6,320	5,853	9,234	3,058	4,182	3,752	4,192	4,488	3,685	4,110	3,664	3,945
Underwriting expenses
3,640	2,684	2,846	6,406	3,131	2,022	4,412	4,785	4,063	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Professional, advisory and other fees
11,039	8,989	15,535	13,620	10,241	20,416	7,698	5,819	7,024	8,598	7,001	10,527	5,816	6,605	5,305	5,686	5,594	8,704	6,392	5,354	5,128	6,128	4,621	4,374	3,601	3,748	4,022	3,002	3,853	5,185	3,534	3,695	3,925	8,101	8,063	10,398	7,140	3,258	2,879
Service fees
6,837	6,441	5,943	5,659	5,664	5,271	4,880	4,852	5,195	5,072	3,983	3,328	2,616	1,584	2,075	2,075	2,184	2,197	1,778	1,674	1,886	1,910	1,933	2,086	2,142	2,153	2,351	2,687	2,577	3,082	2,807	3,155	2,237	4,572	3,815	4,366	3,612	3,783	4,034
Communications
8,176	7,240	8,295	8,278	8,081	8,235	7,894	7,106	7,566	6,274	6,423	6,003	4,760	4,481	4,619	4,529	4,139	4,012	3,478	3,193	3,642	3,895	3,286	3,022	3,246	3,443	3,481	2,771	3,739	156	4,522	3,853	3,401	5,479	3,636	4,342	2,893	3,584	3,153
Occupancy and equipment
9,530	9,566	9,784	10,454	9,922	11,217	10,140	10,384	9,861	9,932	9,656	8,533	7,063	8,375	8,033	7,873	8,005	8,031	7,286	6,910	6,828	6,654	6,650	6,324	6,397	5,710	6,752	6,548	5,719	-	5,808	-	-	-	-	-	-	-	-
Occupancy and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,544	5,242	-	6,225	5,591	5,707	5,609	5,845
Depreciation and amortization
5,442	5,470	5,082	4,952	4,956	2,878	3,139	3,194	3,225	3,466	3,452	3,132	3,028	3,059	3,174	3,413	3,067	2,914	2,301	2,145	2,138	3,152	2,274	2,382	2,380	2,441	2,624	2,609	2,553	2,492	2,427	2,363	2,155	8,982	2,421	2,011	2,058	2,212	2,390
Client services and business development
11,803	16,822	10,364	11,884	11,301	13,160	6,671	7,865	8,231	7,822	5,551	7,192	7,762	7,493	6,349	6,946	7,040	7,097	5,132	6,714	6,470	6,171	6,577	5,635	4,514	5,102	3,493	4,659	4,099	2,980	3,510	3,753	3,826	4,382	3,534	4,132	4,677	2,885	4,379
Goodwill Impairment
-	-	0	4,100	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reinsurance claims, commissions and amortization of deferred acquisition costs
10,430	18,931	8,195	10,782	6,162	13,658	8,773	9,924	8,731	9,876	7,157	7,275	6,178	8,980	8,595	11,766	563	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring Costs
-	-	-	-	-	-	-	-	-	-	222	8,541	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expenses
4,228	8,185	5,276	5,638	4,015	7,007	5,335	5,591	4,081	5,646	4,960	4,329	3,261	3,411	3,303	2,852	5,249	4,152	3,783	2,849	4,810	5,459	3,364	3,228	3,158	2,059	3,248	2,535	3,644	2,642	3,680	3,941	3,419	4,737	2,158	-859	3,710	4,712	4,710
Consolidated Funds
Interest and dividends
1,252	1,226	1,153	1,356	867	874	1,270	2,479	1,911	2,511	1,234	2,108	3,983	2,142	1,665	1,507	1,120	246	366	283	209	271	218	189	110	143	96	106	0	0	2	4	16	10	51	40	46	-	-
Professional, advisory and other fees
990	1,051	857	373	145	190	191	345	212	244	205	304	392	189	337	320	302	178	174	212	90	-2	348	140	134	439	230	92	396	249	263	561	288	61	1,002	613	460	-	-
Brokerage and trade execution costs
20	19	15	35	53	64	39	89	64	40	64	105	109	125	173	111	22	5	-20	56	10	9	1	4	2	14	91	180	0	-	0	0	-	-	-	-	-	-	-
Other expenses
452	438	491	467	417	220	187	236	244	308	209	231	479	180	294	205	372	255	114	83	49	21	68	65	56	74	33	107	38	87	65	70	71	76	82	219	122	-	-
Interest and dividends, Consolidated Funds
1,252	1,226	1,153	1,356	867	874	1,270	2,479	1,911	2,511	1,234	2,108	3,983	-	1,665	1,507	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51	40	46	-	-
Professional, advisory and other fees, Consolidated Funds
990	1,051	857	373	145	190	191	345	212	244	205	304	392	-	337	320	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,002	613	460	-	-
Other expenses, Consolidated Funds
452	438	491	467	417	220	187	236	244	308	209	231	479	-	294	205	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	82	219	122	-	-
Total expenses
231,153	259,305	219,964	247,112	222,483	229,453	212,329	223,416	225,746	199,263	179,216	177,797	140,373	125,886	158,259	117,726	115,939	147,605	100,967	116,996	138,806	163,559	112,700	107,904	106,028	99,456	91,737	86,612	83,112	93,682	79,054	77,425	76,739	-	81,030	81,228	-	-	-
Other income (loss)
Net gains (losses) on securities, derivatives and other investments
-43,983	18,969	18,446	3,910	39,084	3,315	32,040	16,719	15,969	13,078	18,326	18,719	26,056	14,258	26,153	-20,218	3,188	12,340	-23,612	9,070	38,991	56,701	13,836	23,037	11,354	8,170	14,680	4,994	11,807	12,662	12,510	9,787	19,671	-	-21,989	76	-	-	-
Goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	22,244	-	-	-
Bargain purchase gain, net of tax
-	-	-	-	-	-	-	-	-	-	0	7,946	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (loss) on debt extinguishment
-	-	0	0	-	-	0	-556	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Consolidated Funds
Net realized and unrealized gains (losses) on investments and other transactions
-73,419	36,591	13,613	6,536	2,644	-5,628	8,280	28,268	15,736	-28,494	9,073	29,503	9,578	13,628	19,755	-23,606	-2,692	4,444	333	3,020	4,720	4,416	532	5,778	2,164	-1,199	3,096	3,711	5,070	5,559	-2,730	-2,417	5,964	792	-3,181	4,971	2,343	-	-
Total expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	82,231	80,245	71,685
Net gains (losses) on securities, derivatives and other investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	17,283	8,810	249
Net realized and unrealized gains (losses) on investments and other transactions, Consolidated Funds
-73,419	36,591	13,613	6,536	2,644	-5,628	8,280	28,268	15,736	-28,494	9,073	29,503	9,578	-	19,755	-23,606	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,181	4,971	2,343	-	-
Net realized and unrealized gains (losses) on derivatives
276	185	293	-719	-762	3,150	1,664	2,119	2,475	14,071	220	1,320	3,865	-22	5,368	5,055	3,102	2,475	-78	-723	397	763	1,899	-190	-21	-	-32	158	-	252	212	373	40	-128	70	-84	-441	-	-
Net gains (losses) on foreign currency transactions
-22	51	-10	-35	-24	-59	-2	598	-346	-112	8	-210	-97	25	-26	111	-13	-46	-13	-1	-31	-1	2	21	-40	-	168	48	-	-1	9	23	-38	13	313	-117	-156	-	-
Net realized and unrealized gains (losses) on derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	304	-	-	-	-	-	-	-	-	-	-
Net gains (losses) on foreign currency transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-215	-	-	-	-	-	-	-	-	-	-
Total other income (loss)
-117,148	55,796	32,342	9,692	40,942	778	41,982	47,148	33,834	-18,528	27,627	57,278	39,402	27,889	51,250	-38,658	3,585	19,213	-23,370	11,366	44,077	61,879	16,269	28,646	13,457	6,906	17,912	8,911	16,966	18,472	10,001	7,766	25,637	20,435	-24,787	27,090	19,029	15,016	-6,465
Income (loss) before income taxes
-73,284	34,087	7,948	15,216	13,472	1,986	24,681	33,999	34,932	-46,947	12,109	27,800	14,000	-5,037	24,018	-39,153	-11,315	-17,781	-11,083	13,978	26,365	19,416	10,670	13,644	14,106	5,372	8,324	3,506	1,095	-	-11,455	-	-	-	-	-	-	-	-
Income (loss) before income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-10,189	6,378	-	-43,858	4,541	1,043	-13,027	-23,150
Income tax expense (benefit)
-1,173	5,238	1,365	5,073	3,177	-280	5,083	3,993	6,923	40,646	2,281	-785	1,911	-12,539	8,759	-11,992	-3,320	-52,708	-5,081	3,346	6,947	-125,210	141	46	79	169	-46	158	176	-48	163	191	142	-2,354	72	-17,954	163	299	599
Net income (loss) from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-43,930	-	-	-	-
Net income (loss) from discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,087	-	-	-	-
Net income (loss)
-72,111	28,849	6,583	10,143	10,295	2,266	19,598	30,006	28,009	-87,593	9,828	28,585	12,089	7,502	15,259	-27,161	-7,995	34,927	-6,002	10,632	19,418	144,626	10,529	13,598	14,027	5,203	8,370	3,348	919	-8,195	-11,618	-10,380	6,236	-76,541	-49,017	22,495	880	-13,326	-23,749
Net income (loss) attributable to redeemable non-controlling interests in consolidated subsidiaries and investment funds
-	-	-	4,331	-	-	-	24,607	11,156	-	5,162	21,145	9,105	9,406	18,478	-16,705	-4,297	4,266	4,344	3,916	2,720	2,155	4,006	5,216	4,187	2,684	4,759	2,255	3,495	1,154	-1,033	-2,434	2,241	3,354	-783	2,458	798	-	-
Net Income (Loss) Attributable to Noncontrolling Interest
-62,188	-	2,770	-	512	-	4,110	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,029	-2,552
Net income (loss) attributable to Cowen Inc.
-9,923	5,223	3,813	5,812	9,783	5,079	15,488	5,399	16,853	-75,972	4,666	7,440	2,984	-1,904	-3,219	-10,456	-3,698	30,661	-10,346	6,716	16,698	142,471	6,523	8,382	9,840	2,519	3,611	1,093	-2,576	-9,349	-10,585	-7,946	3,995	-79,895	-48,234	20,037	82	-15,355	-21,197
Preferred stock dividends
1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,698	1,717	1,603	755	0	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) attributable to Cowen Inc. common stockholders
-11,621	3,525	2,115	4,114	8,085	3,381	13,790	3,701	15,155	-77,670	2,968	5,742	1,286	-3,602	-4,917	-12,154	-5,396	28,944	-11,949	5,961	16,698	-	6,523	8,382	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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	-	-	-	-