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Cowen Inc. (COWN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Cowen Inc.

CIK: 1466538 Ticker: COWN


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Press Release


COWEN ANNOUNCES THIRD QUARTER 2018 FINANCIAL RESULTS

Strong Performance in Investment Banking and Markets Divisions Drives Continued Profitability

New York, NY - October 25, 2018 - Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the third quarter ended September 30, 2018.
Third Quarter Financial Highlights
GAAP
Revenue increased 24% year over year to $221.0 million compared to $178.8 million in the prior year period.
Net income attributable to common stockholders was $13.8 million or $0.45 per diluted common share compared to $3.0 million or $0.09 per diluted common share in the prior year period.
Economic Income (Non-GAAP)
Revenue increased 24% year over year to $226.2 million compared to $182.6 million in the prior year period.
Economic Income increased to $22.7 million or $0.74 per diluted share compared to Economic Income of $8.3 million or $0.26 per diluted share in the prior year period.
Economic Operating Income, which represents Economic Income before depreciation and amortization, was $25.6 million, a 126% increase from the prior year period of $11.3 million.
Operating Highlights
On a GAAP and Economic Income basis, investment banking revenue increased 43% and 35% from the third quarter 2017 to $81.9 million and $77.5 million, respectively. The quarter was again led by strong performance in equity financings as well as a growing contribution from advisory and non-healthcare sectors. This was the most diverse quarter in terms of industry and product mix.
Brokerage revenue increased 9% and 13% from the third quarter 2017 to $92.0 million and $101.7 million on a GAAP and Economic Income basis, respectively. The increase was primarily attributable to growth in the institutional brokerage and institutional services businesses.
As of October 1, 2018, assets under management were $10.9 billion, a $40 million increase from July 1, 2018.
Book value per share increased to $24.26 as of September 30, 2018, compared to $21.82 as of December 31, 2017. Tangible book value per share grew to $21.28 as of September 30, 2018, compared to $18.77 as of December 31, 2017.
During the quarter, the Company repurchased 402,420 shares for $5.9 million (at an average price of $14.66) under the Company's existing share repurchase program.



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The following information was filed by Cowen Inc. (COWN) on Thursday, October 25, 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-Q Quarterly 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-Q Quarterly 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
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Acquisition
Acquisition (Narrative) (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)
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)
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 - Quarterly (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 - 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)
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 - Quarterly (Policies)
Significant Accounting Policies All Other - Quarterly (Details)
Stockholder's Equity
Stockholder's Equity (Tables)
Stockholder's Equity - Quarterly (Details)
Subsequent Events

Material Contracts, Statements, Certifications & more

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

Ticker: COWN
CIK: 1466538
Form Type: 10-Q Quarterly Report
Accession Number: 0001466538-18-000095
Submitted to the SEC: Wed Oct 31 2018 7:27:50 AM EST
Accepted by the SEC: Wed Oct 31 2018
Period: Sunday, September 30, 2018
Industry: Security Brokers Dealers And Flotation Companies

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