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Last10K.com | 10-Q Quarterly Report Thu Apr 30 2020
COWEN ANNOUNCES FIRST QUARTER 2020 FINANCIAL RESULTS
•Reports 1Q20 GAAP Loss of $(0.41) per share and Economic Operating Loss of $(0.24) per share
•Record Quarterly Brokerage Revenues and Second-Highest Investment Banking Revenues
•Operating Co Segment Profitable Despite Losses in Investment Income and Incentive Income
•Asset Co Segment Losses Due to Markdowns in Private Portfolio
•Strong Balance Sheet with Reduced Risk, Book Value of $24.74 and TBV of $18.60 per share.
NEW YORK - April 29, 2020 - Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the first quarter ended March 31, 2020.
Jeffrey M. Solomon, Chairman and Chief Executive Officer of Cowen, said, "Even though the first quarter of 2020 was the most challenging period for financial markets in more than a decade, Cowen performed well operationally. We had very strong financial performance in January and February followed by a difficult March which was driven largely by negative investment performance. We moved quickly to shift over 98% of our team to working remotely, keeping our employees safe and healthy even as we handled record trading volumes, and significantly reduced risk on our balance sheet. We have maintained strong client engagement, gained share in our markets business and continue to have a substantial pipeline in both M&A advisory and capital markets activities. While there is still uncertainty about when and how the economy will return to a more normal state, we believe that we are very well positioned in all of our businesses to help our clients outperform.”
First Quarter 2020 Financial Summary
| Three Months Ended | |||||||||||||||||
| March 31 | |||||||||||||||||
| (Dollar amounts in millions, except per share information) | 2020 | 2019 | % | ||||||||||||||
| GAAP: | |||||||||||||||||
| Revenue | $ | 313.8 | $ | 224.1 | 40 | % | |||||||||||
| Net income (loss) attributable to common stockholders | $ | (11.6) | $ | 8.1 | (244) | % | |||||||||||
| Earnings (loss) per common share | $ | (0.41) | $ | 0.26 | (259) | % | |||||||||||
| ECONOMIC INCOME (NON-GAAP): | |||||||||||||||||
| Economic income revenue | $ | 210.9 | $ | 233.5 | (10) | % | |||||||||||
| Economic income (loss) | $ | (12.2) | $ | 15.3 | (180) | % | |||||||||||
| Economic operating income | $ | (6.8) | $ | 20.2 | (134) | % | |||||||||||
| Economic income (loss) per common share | $ | (0.43) | $ | 0.48 | (189) | % | |||||||||||
| Economic operating income (loss) per common share | $ | (0.24) | $ | 0.64 | (137) | % | |||||||||||
| Note: Amounts may not add up due to rounding. GAAP refers to Generally Accepted Accounting Principles in the U.S. A reconciliation of economic income (loss) to GAAP net income appears under the section, "Summary Economic Income (Loss) to GAAP Reconciliation." | |||||||||||||||||
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The following information was filed by Cowen Inc. (COWN) on Wednesday, April 29, 2020 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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M & A - Other Highlight
At March 31, 2020, the Company consolidated the following investment funds: Ramius Enterprise LP ("Enterprise LP"), Ramius Merger Fund LLC (the "Merger Fund"), Cowen Private Investments LP ("Cowen Private"), Ramius Merger Arbitrage UCITS Fund ("UCITS Fund"), Cowen Sustainable Investments I LP ("CSI I LP") and CSI I Golden Holdco LP ("Golden HoldCo") (each a "Consolidated Fund" and collectively the "Consolidated Funds").
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Financial - Cash Flow Highlight
Due to the nature of the securities business and our role as a market-maker and execution agent, the amount of our cash and short-term investments, as well as operating cash flow, may vary considerably due to a number of factors, including the dollar value of our positions as principal, whether we are net buyers or sellers of securities, the dollar volume of executions by our customers and clearing house requirements, among others.
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Financial - Expense Highlight
Unfavorable or uncertain economic or market conditions can be caused by declines in economic growth, business activity or investor or business confidence, limitations on the availability (or increases in the cost of) credit and capital, increases in inflation or interest rates, exchange rate volatility, unfavorable global asset allocation trends, outbreaks of hostilities or other geopolitical instability, corporate, political or other scandals that reduce investor confidence in the capital markets, global health crisis, such as the ingoing COVID-19 pandemic, or a combination of these or other factors.
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Revenue - Product Highlight
Net cash used in operating activities of $78.9 million for the three months ended March 31, 2020 was primarily related to (i) purchases of securities owned, at fair value in consolidated funds offset partially by proceeds from sales of securities owned, at fair value in consolidated funds, (ii) proceeds from securities owned, at fair value, held at broker dealers, (iii) purchases of securities owned, at fair value offset partially by proceeds from sales of securities owned, at fair value and (iv) offset partially by stock borrowing and stock lending activity.
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Other - Other Highlight
Cowen Execution, ATM Execution, Cowen Prime and Westminster are required to maintain minimum net capital, as defined in (a)(1)(ii) of SEC Rule 15c3-1, equal to the greater of $250,000 or 2% of aggregate debits arising from customer transactions.
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Legal Reserves The Company estimates...Read more
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Financial - Earnings
Spike Line In August 2019,...Read more
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71 Table of Contents Depreciation...Read more
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Depreciation and amortization expenses increased...Read more
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Three Months Ended March 31,...Read more
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68 Table of Contents The...Read more
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Total non-interest expenses increased $3.0...Read more
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69 Table of Contents Three...Read more
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Overview Cowen Inc., a Delaware...Read more
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The Company continually monitors the...Read more
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Investment banking revenues increased $15.8...Read more
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Under the US GAAP consolidation...Read more
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Asset Co Segment Revenues The...Read more
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While our employees are generally...Read more
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Each share of the Series...Read more
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An impairment loss, calculated as...Read more
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Amounts ultimately realized by the...Read more
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 (Amortization Expense) (Details)
Acquisition (Intangible Assets) (Details)
Acquisition (Narrative) (Details)
Acquisition (Preliminary Purchase Price Allocation) (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)
Commitments And Contingencies Service Payments (Details)
Convertible Debt And Notes Payable
Convertible Debt And Notes Payable (Tables)
Convertible Debt And Notes Payable - Convertible Debt (Details)
Convertible Debt And Notes Payable - Finance Lease Obligations (Details)
Convertible Debt And Notes Payable - Letters Of Credit (Details)
Convertible Debt And Notes Payable - Notes Payable (Details)
Convertible Debt And Notes Payable - Outstanding Debt (Details)
Convertible Debt And Notes Payable - Scheduled Maturities (Details)
Convertible Debt And Notes Payable - Term Loans, Other Notes Payable And Revolver (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)
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 (Details)
Investments Of Operating Entities And Consolidated Funds
Investments Of Operating Entities And Consolidated Funds - (Tables)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Indirect Concentration Of The Underlying Investments Held By Consolidated Funds (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Other Investments (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Other Investments - Narrative (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Receivable On And Payable For Derivative Contracts, At Fair Value (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Receivable On/Payable For Derivative Contracts (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Securities Owned And Sold By Merger Master (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Securities Owned At Fair Value (Details)
Investments Of Operating Entities And Consolidated Funds - Consolidated Funds - Securities Owned By Enterprise Master (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Carried Interest (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Equity Method Investment (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Equity Method Investment - Narrative (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Gross And Net Derivative Positions And The Related Offsetting Amount (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Gross Obligations For Securities Loaned And Securities Sold Under Agreements To Repurchase (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Narrative (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Other Investments (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Portfolio Funds (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Receivable On And Payable For Derivative Contracts, At Fair Value (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Regulation S-X (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Securities Owned At Fair Value (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Securities Sold Under Agreements To Repurchase And Securities Lending And Borrowing Transactions (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Securities Sold, Not Yet Purchased (Details)
Investments Of Operating Entities And Consolidated Funds - Operating Entities - Variable Interest Entities (Details)
Non-Controlling Interests In Consolidated Subsidiaries And Funds
Non-Controlling Interests In Consolidated Subsidiaries And Funds (Details)
Non-Controlling Interests In Consolidated Subsidiaries And Funds (Tables)
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)
Regulatory Requirements
Regulatory Requirements (Details)
Regulatory Requirements Regulatory (Tables)
Reinsurance
Reinsurance (Details)
Reinsurance Reinsurance (Tables)
Related Party Transactions
Related Party Transactions (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Segregated Cash
Segregated Cash (Details)
Share-Based Compensation (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)
Significant Accounting Policies
Significant Accounting Policies (Tables)
Significant Accounting Policies - Quarterly (Policies)
Significant Accounting Policies All Other - Quarterly (Details)
Significant Accounting Policies All Other - Revenue From Contract With Customers (Details)
Stockholder's Equity
Stockholder's Equity (Tables)
Stockholder's Equity - Quarterly (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
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: 0001466538-20-000060
Submitted to the SEC: Thu Apr 30 2020 5:21:12 PM EST
Accepted by the SEC: Thu Apr 30 2020
Period: Tuesday, March 31, 2020
Industry: Security Brokers Dealers And Flotation Companies
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