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Cowen Group, Inc. (COWN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Cowen Inc.

CIK: 1466538 Ticker: COWN


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Press Release

COWEN GROUP, INC. ANNOUNCES
FOURTH QUARTER AND FULL YEAR 2016 FINANCIAL RESULTS
 
New York, February 16, 2017 - Cowen Group, Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full year ended December 31, 2016.
Highlights
Full Year Financial Summary
GAAP revenue of $471.6 million compared to $464.6 million in the prior year.
GAAP net loss attributable to common shareholders of $26.1 million or $(0.97) per diluted common share, compared to GAAP net income attributable to common shareholders of $39.7 million or $1.37 per diluted common share in the prior year.
Economic revenue, a non-GAAP measure, of $467.6 million compared to $529.7 million in the prior year.
Economic loss, a non-GAAP measure, available to Cowen Group of $28.7 million or $(1.07) per diluted share, compared to economic income of $34.5 million or $1.19 per diluted share in 2015.
Fourth Quarter Financial Summary
GAAP revenue of $122.3 million compared to $110.6 million in the prior year period.
GAAP net loss attributable to common shareholders of $3.6 million or $(0.13) per diluted common share, compared to GAAP net income attributable to common shareholders of $28.9 million or $1.03 per diluted common share in the prior year period.
Economic revenue, a non-GAAP measure, of $128.1 million compared to $160.7 million in the prior year period.
Economic loss, a non-GAAP measure, available to Cowen Group of $12.9 million or $(0.48) per diluted share, compared to an economic income of $15.2 million or $0.54 per diluted share in the fourth quarter 2015.
Operating Highlights
In 2016 investment banking completed 76 equity, seven debt and 15 advisory transactions. Total fees were impacted by a muted financing environment in key sectors.
Brokerage revenue grew 26% and 29% year over year, on a GAAP and economic income (non-GAAP) basis respectively, as it benefited from a full year contribution from the prime services business and the credit, research and trading businesses acquired in May 2016.

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The following information was filed by Cowen Inc. (COWN) on Thursday, February 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Equity
Condensed Consolidated Statements Of Comprehensive Income (loss)
Condensed Consolidated Statements Of Financial Condition
Condensed Consolidated Statements Of Operations
Consolidated Statements Of Financial Condition (parenthetical)
Accounts Payable Accrued Expenses And Other Liabilities
Accounts Payable Accrued Expenses And Other Liabilities (details)
Accounts Payable Accrued Expenses And Other Liabilities (tables)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (notes)
Accumulated Other Comprehensive Income (loss) (tables)
Acquisitions And Divestitures
Acquisitions And Divestitures (details)
Acquisitions And Divestitures (tables)
Cash Collateral Pledged
Cash Collateral Pledged (details)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Commitments And Contingencies Schedules Of Unfunded Commitments (details)
Convertible Debt And Notes Payable
Convertible Debt And Notes Payable (details)
Convertible Debt And Notes Payable (tables)
Defined Contribution Plans
Defined Contribution Plans (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements For Operating Entities And Consolidated Funds
Fair Value Measurements For Operating Entities And Consolidated Funds (tables)
Fair Value Measurements For Operating Entities And Consolidated Funds Assets And Liabilities At Fair Value On A Recurring Basis (details)
Fair Value Measurements For Operating Entities And Consolidated Funds Carrying Value Disclosures (details)
Fair Value Measurements For Operating Entities And Consolidated Funds Fair Value Inputs, Unobservable Inputs, Quantitative Information (details)
Fair Value Measurements For Operating Entities And Consolidated Funds Unobservable Input Roll Forward (details)
Fixed Assets
Fixed Assets (details)
Fixed Assets (tables)
Goodwill And Intangibles
Goodwill And Intangibles (tables)
Goodwill And Intangibles Amortization Of Intangible Assets (details) (annual)
Goodwill And Intangibles Schedule Of Goodwill By Segment (details) (annual)
Goodwill And Intangibles Schedule Of Intangible Assets (details) (annual)
Guarantees And Off-balance Sheet Arrangements
Income Taxes
Income Taxes (tables)
Income Taxes Deferred Tax Assets And Liabilities (details)
Income Taxes Income Tax Expense (details)
Income Taxes Income Tax Rate Reconciliation (details)
Income Taxes Summary Of Operating Loss Carryforwards (details)
Investments Of Operating Entities And Consolidated Funds
Investments Of Operating Entities And Consolidated Funds - (tables)
Investments Of Operating Entities And Consolidated Funds - Derivatives (details)
Investments Of Operating Entities And Consolidated Funds - Equity Method Investments - (details)
Investments Of Operating Entities And Consolidated Funds - Other Investments - Quarterly (details)
Investments Of Operating Entities And Consolidated Funds - Portfolio Funds - (details)
Investments Of Operating Entities And Consolidated Funds - Securities Owned At Fair Value - (details)
Investments Of Operating Entities And Consolidated Funds - Securities Sold, Not Yet Purchased (details)
Investments Of Operating Entities And Consolidated Funds - Variable Interest Entities (details)
Organization And Business
Organization And Business (details)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Revenues And Expenses
Other Revenues And Expenses (details)
Receivables From And Payable To Brokers
Receivables From And Payable To Brokers (details)
Redeemable Non-controlling Interests In Consolidated Subsidiaries And Funds
Redeemable Non-controlling Interests In Consolidated Subsidiaries And Funds (details)
Redeemable Non-controlling Interests In Consolidated Subsidiaries And Funds (tables)
Regulatory Requirements
Regulatory Requirements (details)
Reinsurance (details)
Reinsurance Reinsurance
Related Party Transactions
Related Party Transactions (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Share-based Compensation And Employee Ownership Plans
Share-based Compensation And Employee Ownership Plans (tables)
Share-based Compensation And Employee Ownership Plans Deferred Cash (details)
Share-based Compensation And Employee Ownership Plans Narrative (details)
Share-based Compensation And Employee Ownership Plans Restricted Shares And Restricted Stock Units (details)
Share-based Compensation And Employee Ownership Plans Sars (details)
Share-based Compensation And Employee Ownership Plans Stock Options (details)
Significant Accounting Policies
Significant Accounting Policies - Annual (details)
Significant Accounting Policies - Annual (policies)
Significant Accounting Policies A (tables)
Significant Accounting Policies Debt (details)
Stockholder's Equity
Stockholder's Equity (tables)
Stockholders Equity - Annual (details)
Subsequent Events
Supplemental Financial Information
Supplemental Financial Information (details)
Supplemental Financial Information (tables)
Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001466538-17-000014
Submitted to the SEC: Mon Feb 27 2017 8:23:12 AM EST
Accepted by the SEC: Mon Feb 27 2017
Period: Saturday, December 31, 2016
Industry: Security Brokers Dealers And Flotation Companies

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