Last10K.com

Cowen Inc. (COWN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

COWN Annual Reports

Cowen Inc.

CIK: 1466538 Ticker: COWN







cowenlogo1a12a.jpg

COWEN ANNOUNCES RECORD FINANCIAL RESULTS FOR FULL YEAR 2021

Reports 4Q21 GAAP Net Income to common stockholders of $63.3 million, or $2.02 per diluted share
Economic Operating Income of $86.7 million, or $2.77 per diluted share (Non-GAAP)
Record year for Revenues, GAAP net income and after-tax Economic Operating Income
Raised quarterly cash dividend to $0.12 per share, record FY21 share repurchases of $159.8 million
Earnings call today at 9am ET. Dial-in: 855-760-0961 or 631-485-4850 Passcode: 6494378

NEW YORK - February 16, 2022
- Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today announced its operating results for the fourth quarter and full year 2021.

Jeffrey M. Solomon, Chair and Chief Executive Officer of Cowen, said, "The strong fourth quarter results capped off our second consecutive record year of revenues and after-tax earnings, demonstrating the sustainability of our business. We are confident that the investments and strategic decisions we have made over the past few years will enable us to outperform for our clients and deliver for our shareholders in 2022 and beyond."
Fourth Quarter 2021 Financial Summary
Operating Results (GAAP)Economic Operating Income (Non-GAAP)
Three Months Ended December 31,Three Months Ended December 31,
($ in millions, except per share information)20212020Δ %20212020Δ %
Revenue/Economic Proceeds (Non-GAAP)$494.3 $591.7(16)%$454.0 $512.7 (11)%
Net income (loss) attributable to common stockholders/Economic Operating Income (Non-GAAP)$63.3 $90.5(30)%$86.7 $138.7 (37)%
Earnings (loss) per common share (diluted)$2.02 $2.98(32)%$2.77 $4.58 (40)%
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." 4Q21 Economic Operating Income (Loss) is calculated net of associated taxes. The Company utilized all available federal net operating losses not subject to limitation during 2020.

Fourth Quarter and Full Year 2021 Operating Financial Highlights

Record Investment Banking performance:
Record year for overall revenues, capital markets advisory and M&A revenues
Broad strength: capital markets advisory revenues +126% y/y, M&A +95%, non-healthcare +138%
Completed acquisition of Portico Capital Advisors in 4Q21, broadening M&A advisory capabilities

Record Markets revenues driven by share gains:
Brokerage Economic Proceeds of $2.91 million/trading day in FY'21, up 12% year-over-year, outperforming US equity volume growth of 4% year-over-year
Strong growth in cash trading, non-US execution, securities finance, prime services and cross-asset trading

Growth in Assets Under Management
As of December 31, 2021, the Company had assets under management of $15.8 billion, an increase of $1.0 billion from September 30, 2021 and up $3.3 billion from December 31, 2020, respectively
Management fees economic proceeds were $80.5 million in FY'21, up 36% year-over-year and the highest annual level since 2008


1

The following information was filed by Cowen Inc. (COWN) on Wednesday, February 16, 2022 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.

View differences made from one year to another to evaluate Cowen Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cowen Inc..

Continue

Assess how Cowen Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Cowen Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
M & A
Financial
Legal
Revenue
Other
Filter Subcategory:
All
Cash Flow
Expense
Shares
Income
Product
Earnings
Dividend
Geography
Debt
Other
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
Goodwill And Intangible Assets (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) (Annual)
Income Taxes Deferred Tax Assets And Liabilities (Details) (Annual)
Income Taxes Income Tax Expense (Details) (Annual)
Income Taxes Income Tax Rate Reconciliation (Details) (Annual)
Income Taxes Summary Of Operating Loss Carryforwards (Details) (Annual)
Income Taxes Unrecognized Tax Benefits - (Details) (Annual)
Insurance And Reinsurance
Insurance And Reinsurance (Details)
Insurance And Reinsurance (Tables)
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 - 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)
Redeemable Preferred Stock
Redeemable Preferred Stock (Details)
Regulatory Requirements
Regulatory Requirements (Details)
Regulatory Requirements Regulatory (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 (Tables)
Segment Reporting - Economic Income (Loss) To Gaap (Details)
Segment Reporting - Segment Breakout (Details)
Segregated Cash
Segregated Cash (Details)
Share-Based Payments, Deferred Compensation And Employee Ownership Plans
Share-Based Payments, Deferred Compensation And Employee Ownership Plans (Tables)
Share-Based Payments, Deferred Compensation And Employee Ownership Plans - Performance Awards Narrative (Details)
Share-Based Payments, Deferred Compensation And Employee Ownership Plans - Restricted Shares And Other Share Based Payments Narrative (Details)
Share-Based Payments, Deferred Compensation And Employee Ownership Plans - Restricted Stock Units Rollforward (Details)
Share-Based Payments, Deferred Compensation And Employee Ownership Plans - Share-Based Payments And Deferred Compensation Narrative (Details)
Significant Accounting Policies
Significant Accounting Policies (Tables) - Annual
Significant Accounting Policies - Annual (Details)
Significant Accounting Policies - Annual (Policies)
Stockholder's Equity
Stockholder's Equity (Tables)
Stockholders Equity - (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Ticker: COWN
CIK: 1466538
Form Type: 10-K Annual Report
Accession Number: 0001466538-22-000036
Submitted to the SEC: Tue Mar 01 2022 6:59:35 AM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: Security Brokers Dealers And Flotation Companies

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cown/0001466538-22-000036.htm