Cowen Inc. (COWN) 10-K Annual Report Tue Mar 06 2018

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
(Dollar amounts in millions, except per share information)	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."

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.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Cowen Inc. provided additional information to their SEC Filing as exhibits

Exhibit 12.1: Statement Regarding Calculation Of Ratios

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

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