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Cowen Inc. (COWN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Cowen Inc.

CIK: 1466538 Ticker: COWN







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COWEN ANNOUNCES RECORD FINANCIAL RESULTS FOR FULL YEAR 2020

Reports Record 4Q20 US GAAP Net Income of $90.5 million, or $2.98 per diluted share
Economic Operating Income in 4Q20 of $138.7 million, or $4.58 per diluted share (Non-GAAP)
Record FY20 US GAAP Net Income attributable to Cowen Inc. stockholders of $209.6 million and record FY20 Economic Operating income of $335.9 million (Non-GAAP)
Record quarter and year for Investment Banking and Brokerage
Maintained quarterly cash dividend of $0.08 per common share

NEW YORK - February 11, 2021
- Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full year ended December 31, 2020.

Jeffrey M. Solomon, Chair and Chief Executive Officer of Cowen, said, "I am proud of the dedication and hard work the Cowen team exhibited to achieve the strongest results in the firm's history. Because 2020 was a year of tremendous challenge, uncertainty and hardship for many, I am equally proud of our efforts to help our clients, our communities, and each other. We are grateful every day to be in a position to help our clients help others by solving their problems and enabling them to realize their visions. We are thankful that they put their trust in us. As we look ahead to 2021, we strive to live by our core values of vision, empathy, sustainability and tenacious teamwork."

Fourth Quarter 2020 Financial Summary
US GAAPEconomic Operating Income (Non-GAAP)
Three Months Ended
December 31,
Three Months Ended
December 31,
($ in millions, except per share information)20202019Δ %20202019Δ %
Revenue/Economic Proceeds (Non-GAAP)$502.9 $281.179 %$512.7 $248.3 106 %
Net income (loss) attributable to common stockholders/Economic Operating Income (Non-GAAP)$90.5 $3.52,486 %$138.7 $16.3 751 %
Earnings (loss) per common share (diluted)$2.98 $0.112,609 %$4.58 $0.53 764 %
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 Non-GAAP Measures."













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The following information was filed by Cowen Inc. (COWN) on Thursday, February 11, 2021 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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Cowen Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

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Inside Cowen Inc.'s 10-K Annual Report:

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 (Details)
Accounts Payable, Accrued Expenses And Other Liabilities (Notes)
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 (Preliminary Purchase Price Allocation) (Details)
Acquisition (Tables)
Cash Collateral Pledge (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 - 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)
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 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 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 - 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 - 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 - 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 - Securities Owned At Fair Value (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 - Securities Sold/Purchased Under Agreements To Repurchase/Resell And Securities Lending And Borrowing Transactions (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)
Other Assets
Other Assets (Details)
Other Assets (Tables)
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 (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 - Annual (Details)
Significant Accounting Policies - Annual (Policies)
Stockholder's Equity
Stockholder's Equity (Tables)
Stockholders Equity - Annual (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001466538-21-000029
Submitted to the SEC: Wed Mar 03 2021 4:48:53 PM EST
Accepted by the SEC: Wed Mar 03 2021
Period: Thursday, December 31, 2020
Industry: Security Brokers Dealers And Flotation Companies

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