Last10K.com

Cowen Inc. (COWN) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Cowen Inc.

CIK: 1466538 Ticker: COWN


cowenlogo1a02.jpg
Press Release

Cowen Announces Fourth Quarter and Full Year 2017 Financial Results
 
New York, NY - February 15, 2018 - Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full year ended December 31, 2017.
Operating Highlights
Investment banking revenue of $223.6 million on a GAAP and economic income basis in 2017, increased 68% year over year and was led by strong performance in equity financings. In addition, we made important strides towards improving revenue diversification in both product and sector. Advisory revenue of $41.8 million represented a 56% year over year increase.
Annual brokerage revenue of $293.6 million and $312.8 million on a GAAP and economic income basis, respectively, represented a three-fold increase since 2012.
In November 2017 the investment management division successfully launched a private healthcare strategy, an internally developed capability that leverages Cowen's longstanding strength in healthcare.
As of January 1, 2018, assets under management were $11.0 billion. The $0.5 billion increase from January 1, 2017 was primarily due to subscriptions in private funds and real estate.
On an economic income basis, the compensation to revenue ratio declined to 58% from 64% due to a shift in business mix as a result of the Convergex acquisition.
Book value per share was $21.82 as of December 31, 2017, compared to $25.11 as of December 31, 2016. Tangible book value per share was $18.77 as of December 31, 2017 compared to $21.88 as of December 31, 2016. The per share decline is primarily due to a reduction in the value of our net deferred tax assets and shares issued in conjunction with the Convergex acquisition.
In December 2017, the Company completed a full repurchase of its 8.25% senior notes due 2021 and repurchased a significant portion of its 3% convertible senior notes due 2019 and replaced them with 7.35% senior notes due 2027 and 3% convertible senior notes due 2022.
On February 13th Cowen's Board of Directors approved a $23.6 million increase in the Company's share repurchase program. With this increase, the total amount available for repurchase under the program is $25.0 million.
Financial Highlights
(Dollar amounts in millions, except per share information)
Three Months Ended
 
Twelve Months Ended
Dec. 31,
 
 
 
Sept. 30,
 
 
 
Dec. 31,
 
 
 
2017
 
2016
 
%
 
2017
 
%
 
2017
 
2016
 
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
$
204.5

 
$
122.3

 
67
 %
 
$
178.8

 
14
%
 
$
658.8

 
$
471.6

 
40
%
Net income (loss) attributable to Cowen common stockholders
$
(77.7
)
 
$
(3.6
)
 
NM

 
$
3.0

 
NM

 
$
(67.7
)
 
$
(26.1
)
 
NM

Earnings (loss) per share (diluted)
$
(2.51
)
 
$
(0.13
)
 
NM

 
$
0.09

 
NM

 
$
(2.29
)
 
$
(0.97
)
 
NM

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic Income (non-GAAP):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Economic income revenue
$
183.0

 
$
128.1

 
43
 %
 
$
182.6

 
%
 
$
666.2

 
$
467.6

 
42
%
Economic income (loss) attributable to Cowen
$
(9.4
)
 
$
(12.9
)
 
(27
)%
 
$
8.3

 
NM

 
$
15.8

 
$
(28.7
)
 
NM

Economic income per share (diluted)
$
(0.30
)
 
$
(0.48
)
 
NM

 
$
0.26

 
NM

 
$
0.54

 
$
(1.07
)
 
NM

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Amounts may not add due to rounding. NM indicates not meaningful. A reconciliation of economic income (loss) to net income appears under the section, "Summary Economic Income (Loss) to GAAP Reconciliation."
   

1

The following information was filed by Cowen Inc. (COWN) on Thursday, February 15, 2018 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.

View differences made from one year to another to evaluate Cowen Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cowen Inc..

Continue

Assess how Cowen Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Cowen Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Financial Condition
Consolidated Statements Of Financial Condition (parenthetical)
Consolidated Statements Of Operations
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)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Acquisition
Acquisition (amortization Expense) (details)
Acquisition (intangible Assets) (details)
Acquisition (narrative) (details)
Acquisition (net Assets Acquired) (details)
Acquisition (pro Forma) (details)
Acquisition (tables)
Cash Collateral Pledged
Cash Collateral Pledged (details)
Commission Management Payable
Commission Management Payable (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)
Deposits With Clearing Organizations, Brokers And Banks
Deposits With Clearing Organizations, Brokers And Banks (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 Qtlry (details)
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
Guarantees And Off-balance Sheet Arrangements (details)
Guarantees And Off-balance Sheet Arrangements Details (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Tax Cuts And Jobs Act (details)
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)
Income Taxes Unrecognized Tax Benefits - Annual (details)
Investments Of Operating Entities And Consolidated Funds
Investments Of Operating Entities And Consolidated Funds - (tables)
Investments Of Operating Entities And Consolidated Funds - Caerus Master Narrative (details)
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 - Indirect Concentration Of The Underlying Investments Held By Consolidated Funds (details)
Investments Of Operating Entities And Consolidated Funds - Merger Master Derivatives (details)
Investments Of Operating Entities And Consolidated Funds - Merger Master Narrative (details)
Investments Of Operating Entities And Consolidated Funds - Other Investments (details)
Investments Of Operating Entities And Consolidated Funds - Portfolio Funds - (details)
Investments Of Operating Entities And Consolidated Funds - Securities Borrowed And Securities Loaned (details)
Investments Of Operating Entities And Consolidated Funds - Securities Loaned Transactions By Remaining Contractual Maturity And Class Of Collateral Pledged (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
Receivable From And Payable To Customers
Receivable From And Payable To Customers (details)
Receivables From And Payables To Brokers, Dealers And Clearing Organizations
Receivables From And Payables To Brokers, Dealers And Clearing Organizations (details)
Receivables From And Payables To Brokers, Dealers And Clearing Organizations Receivables From Brokers, Dealers, And Clearing Organization (tables)
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)
Regulatory Requirements Regulatory (tables)
Reinsurance
Reinsurance (details)
Related Party Transactions
Related Party Transactions (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Segregated Cash
Segregated Cash (details)
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 (tables)
Significant Accounting Policies - Annual (details)
Significant Accounting Policies - Annual (policies)
Stockholder's Equity
Stockholder's Equity (tables)
Stockholders Equity - Annual (details)
Subsequent Events
Subsequent Events - Narrative (details)
Supplemental Financial Information
Supplemental Financial Information (details)
Supplemental Financial Information (tables)
Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001466538-18-000018
Submitted to the SEC: Tue Mar 06 2018 5:29:41 PM EST
Accepted by the SEC: Tue Mar 06 2018
Period: Sunday, December 31, 2017
Industry: Security Brokers Dealers And Flotation Companies

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cown/0001466538-18-000018.htm