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Cowen Inc. (COWN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Cowen Inc.

CIK: 1466538 Ticker: COWN





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COWEN ANNOUNCES RECORD FINANCIAL RESULTS FOR SECOND QUARTER 2020

Reports Record 2Q20 US GAAP Net Income of $112.1 million or $3.83 per share
Record Economic Operating Income of $166.9 million, or $5.69 per share
The Nikola investment contributed $64.9 million to Economic Operating Income, or $2.21 per share
Strong Book Value Growth, up $5.82 per share to $28.96, Tangible Book Value up $5.86 to $22.94 per share

NEW YORK - July 28, 2020
- Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the second quarter ended June 30, 2020.

Jeffrey M. Solomon, Chair and Chief Executive Officer of Cowen, said, "We outperformed across the entire organization in the second quarter. With record revenues in our banking and markets businesses as well as a strong contribution from our investment management operations, we generated record profitability, even before factoring in the unrealized investment gains from Nikola. In an environment of heightened volatility and macroeconomic uncertainty, we remain dedicated to helping our clients navigate with our strategic advice, capital raising expertise, advanced execution capabilities and world-class research and differentiated investment products.”
Second Quarter 2020 Financial Summary
US GAAPEconomic Operating Income
Three Months Ended
June 30,
Three Months Ended
June 30,
($ in millions, except per share information)20202019Δ %20202019Δ %
Revenue$418.8  $292.2  43 %$558.7  $244.4  129 %
Net income (loss) attributable to common stockholders$112.1  $4.1  N/A$166.9  $20.4  718 %
Earnings (loss) per common share (diluted)$3.83  $0.13  N/A$5.69  $0.65  775 %
Note: Throughout this press release the Company presents non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). A reconciliation of these non-GAAP measures appears under the section, "Reconciliation of US GAAP (Unaudited) to Economic Operating Income (Loss)."

Second Quarter 2020 Operating Financial Highlights (US GAAP) (unaudited)

Second quarter 2020 US GAAP revenue was $418.8 million compared to $292.2 million in the second quarter of 2019.

Second quarter 2020 US GAAP employee compensation and benefits expenses was $305.3 million, an increase of $168.9 million from the prior-year period.

Second quarter 2020 US GAAP income tax expense was $44.9 million compared to $5.1 million in the prior-year quarter.

Second quarter 2020 US GAAP total expenses totaled $411.5 million, an increase of $164.0 million from the prior-year period.

Second quarter 2020 US GAAP net income attributable to common stockholders was $112.1 million compared to net income attributable to common stockholders of $4.1 million in the second quarter of 2019.
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The following information was filed by Cowen Inc. (COWN) on Tuesday, July 28, 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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Cowen Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Cowen Inc.'s 10-Q Quarterly Report:

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 (Tables)
Commitments And Contingencies Operating Lease Obligations (Details)
Commitments And Contingencies Outstanding Operating Lease Liabilities (Details)
Commitments And Contingencies Schedules Of Unfunded Commitments (Details)
Commitments And Contingencies Service Payments (Details)
Commitments And Contingencies Supplemental Cash Flow Information And Certain Other Information (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)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Policies)
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 Narrative (Details)
Share-Based Compensation And Employee Ownership Restricted Stock Units Granted To Employees (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: 0001466538-20-000113
Submitted to the SEC: Thu Jul 30 2020 7:41:34 AM EST
Accepted by the SEC: Thu Jul 30 2020
Period: Tuesday, June 30, 2020
Industry: Security Brokers Dealers And Flotation Companies

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