Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today
announced its operating results for the third quarter ended
September 30, 2022.
Jeffrey M. Solomon, Chair and Chief Executive Officer of Cowen,
said, "Cowen delivered another profitable quarter despite the
challenging economic backdrop and weak market conditions, powered
by strong performance in our operating company segment. Our results
demonstrate that our business is operating at a higher level than
it was before the pandemic and the strategic positioning over the
last several years have enabled us to continue performing well.
Even though we expect the markets to remain difficult for the
remainder of the year, we believe we are well positioned to gain
market share, particularly in partnership with our new colleagues
at TD, who we expect to formally join early in 2023. We remain
deeply committed to meeting our clients' evolving needs by
providing timely strategic advice, innovative financing solutions,
world-class investment research, advanced trading and execution
capabilities as well as differentiated investment products."
Announced Transaction
On August 2, 2022, TD Bank Group ("TD”) and Cowen announced a
definitive agreement for TD to acquire Cowen in an all-cash
transaction valued at approximately $1.3 billion, or $39 for
each Class A common share of Cowen. The transaction is expected to
close in the first calendar quarter of 2023, and is subject to
customary closing conditions, including approvals from the
Company's shareholders and various U.S., Canadian and foreign
regulatory authorities.
Third Quarter 2022 Financial
Summary
|
Operating Results (GAAP) |
|
Economic Operating Income (Non-GAAP) |
|
Three Months Ended September 30, |
|
Three Months Ended September 30, |
($ in millions, except per share information) |
|
2022 |
|
|
2021 |
|
Δ % |
|
|
2022 |
|
|
2021 |
|
Δ % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue/Economic Proceeds
(Non-GAAP) |
$ |
410.8 |
|
$ |
412.2 |
|
(<1)% |
|
$ |
340.8 |
|
$ |
359.1 |
|
(5)% |
Net income (loss) attributable
to common stockholders for diluted earnings per share/Economic
Operating Income (Non-GAAP) |
$ |
12.7 |
|
$ |
36.1 |
|
(65)% |
|
$ |
24.4 |
|
$ |
43.3 |
|
(44)% |
Earnings (loss) per common
share (diluted) |
$ |
0.39 |
|
$ |
1.10 |
|
(65)% |
|
$ |
0.76 |
|
$ |
1.32 |
|
(42)% |
|
|
|
|
|
|
|
|
|
|
|
|
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." |
Third Quarter 2022 Operating Financial
Highlights
- Sustained Performance in
Markets :
- Brokerage Economic Proceeds of $2.69
million per trading day in 3Q'22, up 7% year-over-year
- Strong results in derivatives
trading, securities finance, and prime brokerage
- Strong Results in Banking:
- Banking revenues increased 53% sequentially from 2Q'22 driven
by strong performance in M&A
- All advisory revenues, including M&A, comprised 69% of IB
revenues in 3Q'22 - that compares to 59% for FY 2021
- Demonstrated strong sector coverage in healthcare and
industrials and from teams in Midwest and Europe
- Investment Management:
- Management fees economic proceeds were
$22.3 million, up 48% from 3Q'21 primarily related to an increase
in management fees from the healthcare and activist investments
strategies
- As of September 30, 2022, the
Company had AUM of $14.1 billion, down 5% from September 30,
2021
- Invested Capital:
- As of September 30, 2022, the Company had invested capital
in Op Co totaling $731.1 million, down from $745.7 million as of
June 30, 2022
- As of September 30, 2022, the Company had invested capital
in Asset Co totaling $90.9 million, down from $115.5 million as of
June 30, 2022
- The largest Asset Co investments are the investment in Italian
wireless broadband provider Linkem S.p.A ($55.6 million excluding
carried interest) and private equity funds Formation8/Eclipse
($27.1 million)
Capital Optimization Update
In the third quarter of 2022, the Company repurchased $3.6
million of its common stock, or 150,000 shares, at an average price
of $24.33 per share under the Company's existing share repurchase
program. Outside the share repurchase program, the Company acquired
approximately $12.1 million of stock as a result of net share
settlements relating to the vesting of equity awards, or 314,052
shares, at an average price of $38.46 per share. Approximately $25
million is currently available for repurchase under the
program.
Quarterly Cash Dividend
On October 26, 2022, the Board of Directors declared a cash
dividend of $0.12 per common share. The dividend will be payable on
December 15, 2022, to stockholders of record on December 1,
2022.
Select Balance Sheet Data
(Amounts in millions, except per share information) |
|
|
|
|
September 30, 2022 |
|
December 31, 2021 |
Common equity (CE) |
$1,053.3 |
|
$1,015.9 |
|
|
|
|
Book value per share (CE/CSO) |
$37.60 |
|
$36.57 |
|
|
|
|
Common shares outstanding (CSO) |
28.0 |
|
27.8 |
|
|
|
|
Note: Common Equity (CE) is equivalent to Cowen Inc. stockholders’
equity. |
|
|
|
Cowen Inc. |
US GAAP Preliminary Unaudited Condensed Consolidated
Statements of Operations |
(Dollar and share amounts in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
September 30 |
|
September 30 |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
Investment banking |
$ |
154,480 |
|
|
$ |
273,532 |
|
|
$ |
356,191 |
|
|
$ |
803,347 |
|
Brokerage |
|
135,516 |
|
|
|
131,371 |
|
|
|
458,910 |
|
|
|
444,168 |
|
Investment income (loss) |
|
|
|
|
|
|
|
Securities principal transactions, net |
|
(41,170 |
) |
|
|
7,291 |
|
|
|
81,624 |
|
|
|
111,828 |
|
Portfolio fund principal transactions, net |
|
(247 |
) |
|
|
(11,121 |
) |
|
|
(15,807 |
) |
|
|
2,400 |
|
Carried interest allocations |
|
9,443 |
|
|
|
(60,471 |
) |
|
|
(39,707 |
) |
|
|
768 |
|
Total investment income (loss) |
|
(31,974 |
) |
|
|
(64,301 |
) |
|
|
26,110 |
|
|
|
114,996 |
|
Management fees |
|
16,655 |
|
|
|
15,334 |
|
|
|
50,141 |
|
|
|
56,071 |
|
Incentive income |
|
— |
|
|
|
6 |
|
|
|
633 |
|
|
|
2,433 |
|
Interest and dividends |
|
147,884 |
|
|
|
45,978 |
|
|
|
242,764 |
|
|
|
167,539 |
|
Insurance and reinsurance premiums |
|
10,737 |
|
|
|
12,586 |
|
|
|
36,336 |
|
|
|
31,196 |
|
Other revenues, net |
|
376 |
|
|
|
(1,078 |
) |
|
|
(7,198 |
) |
|
|
2,612 |
|
Consolidated Funds revenues |
|
(22,883 |
) |
|
|
(1,191 |
) |
|
|
(40,091 |
) |
|
|
(3,843 |
) |
Total revenue |
|
410,791 |
|
|
|
412,237 |
|
|
|
1,123,796 |
|
|
|
1,618,519 |
|
Interest and dividends expense |
|
76,270 |
|
|
|
43,035 |
|
|
|
176,719 |
|
|
|
163,749 |
|
Total net revenue |
|
334,521 |
|
|
|
369,202 |
|
|
|
947,077 |
|
|
|
1,454,770 |
|
Expenses |
|
|
|
|
|
|
|
Employee compensation and benefits |
|
203,878 |
|
|
|
201,686 |
|
|
|
542,378 |
|
|
|
809,068 |
|
Insurance and reinsurance claims, commissions and amortization of
deferred acquisition costs |
|
13,116 |
|
|
|
13,172 |
|
|
|
23,630 |
|
|
|
24,843 |
|
Operating, general, administrative and other expenses |
|
112,045 |
|
|
|
108,633 |
|
|
|
298,227 |
|
|
|
308,710 |
|
Depreciation and amortization expense |
|
6,994 |
|
|
|
4,796 |
|
|
|
21,176 |
|
|
|
13,715 |
|
Consolidated Funds expenses |
|
70 |
|
|
|
124 |
|
|
|
229 |
|
|
|
519 |
|
Total expenses |
|
336,103 |
|
|
|
328,411 |
|
|
|
885,640 |
|
|
|
1,156,855 |
|
Other income
(loss) |
|
|
|
|
|
|
|
Net (losses) gains on other investments |
|
(1,637 |
) |
|
|
4,266 |
|
|
|
7,470 |
|
|
|
23,641 |
|
Bargain purchase gain, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,855 |
|
Gain/(loss) on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,538 |
) |
Total other income (loss) |
|
(1,637 |
) |
|
|
4,266 |
|
|
|
7,470 |
|
|
|
22,958 |
|
Income (loss) before income taxes |
|
(3,219 |
) |
|
|
45,057 |
|
|
|
68,907 |
|
|
|
320,873 |
|
Income tax
expense/(benefit) |
|
4,476 |
|
|
|
12,192 |
|
|
|
22,273 |
|
|
|
76,864 |
|
Net income (loss) |
|
(7,695 |
) |
|
|
32,865 |
|
|
|
46,634 |
|
|
|
244,009 |
|
Net income (loss) attributable
to non-controlling interests in consolidated subsidiaries and
funds |
|
(22,046 |
) |
|
|
(4,938 |
) |
|
|
(16,896 |
) |
|
|
13,379 |
|
Net income (loss)
attributable to Cowen Inc. |
|
14,351 |
|
|
|
37,803 |
|
|
|
63,530 |
|
|
|
230,630 |
|
Less: Preferred stock dividends |
|
1,698 |
|
|
|
1,698 |
|
|
|
5,094 |
|
|
|
5,094 |
|
Net income (loss)
attributable to Cowen Inc. common stockholders |
$ |
12,653 |
|
|
$ |
36,105 |
|
|
$ |
58,436 |
|
|
$ |
225,536 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.45 |
|
|
$ |
1.25 |
|
|
$ |
2.08 |
|
|
$ |
8.14 |
|
Diluted |
$ |
0.39 |
|
|
$ |
1.10 |
|
|
$ |
1.87 |
|
|
$ |
6.78 |
|
|
|
|
|
|
|
|
|
Weighted average
shares used in per share data: |
|
|
|
|
|
|
|
Basic |
|
28,044 |
|
|
|
28,864 |
|
|
|
28,107 |
|
|
|
27,718 |
|
Diluted |
|
32,302 |
|
|
|
32,724 |
|
|
|
31,197 |
|
|
|
33,264 |
|
U.S. GAAP Financial Measures
Third quarter 2022 revenue was $410.8 million versus $412.2
million in the third quarter of 2021. The year-over-year decrease
was due primarily to reduced investment banking activity offset by
higher interest and dividend income.
Third quarter 2022 investment banking revenues decreased $119.1
million to $154.5 million. During the quarter, the Company
completed 15 underwriting transactions and 41 strategic advisory
transactions, including seven debt capital markets
transactions.
Third quarter 2022 brokerage revenues increased $4.1 million to
$135.5 million. The increase was attributable to an increase in
institutional services activity, primarily Prime Services and
Securities Finance.
Third quarter 2022 investment income losses decreased $32.3
million to a loss of $32.0 million. The year-over-year decrease is
primarily due to positive carried interest allocations offset by
losses in securities principal transactions.
Third quarter 2022 interest and dividends increased $101.9
million to $147.9 million for the three months ended
September 30, 2022 compared with $46.0 million in the prior
year period. The increase in interest and dividends is primarily
attributable to dividends receivable from event strategy market
making activity and securities finance activity. The increase in
the securities finance activity is due to higher customer demand
which has created more matched book opportunities for international
securities.
Third quarter 2022 employee compensation and benefits expenses
were $203.9 million, an increase of $2.2 million from the
prior-year period. The increase is primarily due to a higher
compensation and benefits accrual ratio in the current period.
Third quarter 2022 total expenses were $336.1 million, an
increase of $7.7 million from the prior-year period. The increase
was primarily driven by higher operating, general, and
administrative expenses.
Third quarter 2022 income tax expense was $4.5 million compared
to $12.2 million income tax expense in the prior-year quarter. The
decrease was primarily due to the year-over-year decrease in the
Company's income before income taxes.
Third quarter 2022 net income attributable to common
stockholders was $12.7 million, down from $36.1 million in the
third quarter of 2021.
Non-GAAP Financial
Measures
Throughout this press release, the Company presents supplemental
financial measures that are not prepared in accordance with US
GAAP. These Non-GAAP financial measures include (i) Pre-tax
Economic Income (Loss) (ii) Economic Income (Loss), (iii) Economic
Operating Income (Loss), (iv) Economic Proceeds and related
components, (v) Net Economic Proceeds and related components, (vi)
Economic Expenses and related components and (vii) related per
share measures. The Company believes that these Non-GAAP financial
measures, viewed in addition to, and not in lieu of, the Company’s
reported US GAAP results, provide useful information to investors
and analysts regarding its performance and overall results of
operations as it presents investors and analysts with a
supplemental operating view of the Company’s financials to help
better inform their analysis of the Company’s performance.
These Non-GAAP financial measures are an integral part of the
Company’s internal reporting to measure the performance of its
business segments, allocate capital and other strategic decisions
as well as assess the overall effectiveness of senior management.
The Company believes that presenting these Non-GAAP measures may
provide expanded transparency into the Company’s business
operations, growth opportunities and expense allocation
decisions.
The Company’s primary Non-GAAP financial measures of profit or
loss are Pre-tax Economic Income (Loss), Economic Income (Loss) and
Economic Operating Income (Loss). Pre-tax Economic Income (Loss) is
a pre-tax measure which (i) includes management reclassifications
which the Company believes provide additional insight on the
performance of the Company’s core businesses and divisions; (ii)
eliminates the impact of consolidation for Consolidated Funds; and
excludes (iii) goodwill and intangible impairment, (iv) certain
other transaction-related adjustments and/or reorganization
expenses, as well as (v) certain costs associated with debt.
Economic Income (Loss) is a similar measure, but after tax, which
includes the Company’s income tax expense or benefit calculated on
Pre-tax Economic Income (Loss) once all currently available net
operating losses have been utilized (this occurred during tax year
2020) and is presented after preferred stock dividends. Economic
Operating Income (Loss) is a similar measure to Economic Income
(Loss), but before depreciation and amortization expenses. The
Company believes that these Non-GAAP financial measures provide
analysts and investors transparency into the measures of profit and
loss management uses to evaluate the financial performance of and
make operating decisions for the segments including determining
appropriate compensation levels. Additionally, the measures provide
investors and analysts with additional insight into the activities
of the Company’s core businesses, taking into account, among other
things, the impact of minority investment stakes, securities
borrowing and lending activities and expenses from investment
banking activities on US GAAP reported results. The Company
presents Pre-tax Economic Income (Loss) in addition to Economic
Income (Loss) and Economic Operating Income (Loss) to provide
insight to investors and analysts on how the Company manages its
tax position over time.
In addition to Pre-tax Economic Income (Loss), Economic Income
(Loss) and Economic Operating Income (Loss), the Company also
presents Economic Proceeds, Net Economic Proceeds, Economic
Expenses, as well as their related components. These measures
include management reclassifications and the elimination of the
impact of the consolidation for Consolidated funds as described
above. These adjustments are meant to provide comparability to our
peers as well as to provide investors and analysts with
transparency into how the Company manages its operating businesses
and how analysts and investors review and analyze the Company’s and
its peers’ similar lines of businesses. For example, among others,
within the Company’s Op Co business segment, investors and analysts
typically review and analyze the performance of investment banking
revenues net of underwriting expenses and excluding the impact of
reimbursable expenses. Additionally, the performance of the
Company’s Markets business is typically analyzed as a unit
incorporating commissions, interest from securities financing
transactions and gains and losses from proprietary and facilitation
trading. The Company’s investment management business performance
is analyzed and reviewed by investors and analysts through
investment income, incentive income and management fees. The
presentation of Economic Proceeds, Net Economic Proceeds, Economic
Expenses as well as their related components align with these and
other examples of how the Company’s business activities and
performance are reviewed by analysts and investors in addition to
providing simplification related to legacy businesses and
investments for which the Company maintains long-term monetization
strategies. Additionally, the Company manages its operating
businesses to an Economic Compensation-to-Proceeds ratio.
Presentation of Economic Compensation Expense and Economic Proceeds
provides transparency in addition to the Company’s US GAAP
Compensation Expense.
Reconciliations to comparable US GAAP measures are presented
along with the Company’s Non-GAAP financial measures. The Non-GAAP
measures presented herein may not be comparable to similarly titled
measures presented by other public companies and are not identical
to corresponding measures used in our various agreements or public
filings.
These Non-GAAP measures should not be considered in isolation or
as a substitute for revenue, expenses, income (loss) before income
taxes, net income, operating cash flows, investing and financing
activities, or other income or cash flow statement data prepared in
accordance with US GAAP. As a result of the adjustments made to
arrive at these Non-GAAP measures described below, these Non-GAAP
measures have limitations in that they do not take into account
certain items included or excluded under US GAAP, including its
consolidated funds.
Third Quarter 2022 Non-GAAP Financial
Review
Economic Proceeds
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
(Dollar amounts in
thousands) |
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
Economic
Proceeds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment banking |
$ |
149,359 |
|
|
$ |
— |
|
|
$ |
149,359 |
|
|
$ |
262,618 |
|
|
$ |
— |
|
|
$ |
262,618 |
|
|
$ |
345,812 |
|
|
$ |
— |
|
|
$ |
345,812 |
|
|
$ |
770,533 |
|
$ |
— |
|
|
$ |
770,533 |
Brokerage |
|
172,097 |
|
|
|
— |
|
|
|
172,097 |
|
|
|
160,486 |
|
|
|
— |
|
|
|
160,486 |
|
|
|
551,888 |
|
|
|
— |
|
|
|
551,888 |
|
|
|
558,178 |
|
|
— |
|
|
|
558,178 |
Management fees |
|
22,125 |
|
|
|
193 |
|
|
|
22,318 |
|
|
|
14,739 |
|
|
|
295 |
|
|
|
15,034 |
|
|
|
62,738 |
|
|
|
700 |
|
|
|
63,438 |
|
|
|
59,448 |
|
|
911 |
|
|
|
60,359 |
Incentive income |
|
15,591 |
|
|
|
(10,428 |
) |
|
|
5,163 |
|
|
|
(57,288 |
) |
|
|
(447 |
) |
|
|
(57,735 |
) |
|
|
(26,220 |
) |
|
|
(11,632 |
) |
|
|
(37,852 |
) |
|
|
21,071 |
|
|
(1,148 |
) |
|
|
19,923 |
Investment income (loss) |
|
(790 |
) |
|
|
(13,155 |
) |
|
|
(13,945 |
) |
|
|
(20,418 |
) |
|
|
391 |
|
|
|
(20,027 |
) |
|
|
11,301 |
|
|
|
(11,545 |
) |
|
|
(244 |
) |
|
|
17,095 |
|
|
3,364 |
|
|
|
20,459 |
Other economic proceeds |
|
5,837 |
|
|
|
— |
|
|
|
5,837 |
|
|
|
(1,320 |
) |
|
|
(1 |
) |
|
|
(1,321 |
) |
|
|
18,060 |
|
|
|
1 |
|
|
|
18,061 |
|
|
|
7,150 |
|
|
(1 |
) |
|
|
7,149 |
Total: Economic
Proceeds |
|
364,219 |
|
|
|
(23,390 |
) |
|
|
340,829 |
|
|
|
358,817 |
|
|
|
238 |
|
|
|
359,055 |
|
|
|
963,579 |
|
|
|
(22,476 |
) |
|
|
941,103 |
|
|
|
1,433,475 |
|
|
3,126 |
|
|
|
1,436,601 |
Economic Interest Expense / (Income) |
|
(1,161 |
) |
|
|
(191 |
) |
|
|
(1,352 |
) |
|
|
5,669 |
|
|
|
820 |
|
|
|
6,489 |
|
|
|
(5,331 |
) |
|
|
(991 |
) |
|
|
(6,322 |
) |
|
|
19,035 |
|
|
3,082 |
|
|
|
22,117 |
Net Economic
Proceeds |
$ |
365,380 |
|
|
$ |
(23,199 |
) |
|
$ |
342,181 |
|
|
$ |
353,148 |
|
|
$ |
(582 |
) |
|
$ |
352,566 |
|
|
$ |
968,910 |
|
|
$ |
(21,485 |
) |
|
$ |
947,425 |
|
|
$ |
1,414,440 |
|
$ |
44 |
|
|
$ |
1,414,484 |
Economic Proceeds were $340.8 million versus $359.1 million in
the third quarter of 2021, a decrease of 5%.
Investment Banking Economic Proceeds were $149.4 million, down
43% from the prior-year period. The decrease was due primarily to
reduced equity capital markets activity.
Brokerage Economic Proceeds of $172.1 million were 7% higher
versus the prior-year period. The increase was due in part to
higher options, ADR trading, securities finance, and prime
services, partially offset by reduced special situations and cash
trading revenues.
Management Fees Economic Proceeds rose 48% year-over-year to
$22.3 million. This increase in management fees was primarily
related to an increase in management fees from the healthcare and
activist investments strategies.
Incentive Income Economic Proceeds were a gain of $5.2 million
in the third quarter of 2022 versus a loss of $57.7 million in
the prior-year period. The gain in 3Q 2022 was driven by Cowen
Healthcare Investments and our sustainable business and was
partially offset by a decrease in performance in our multi-strategy
business.
Investment Income Economic Proceeds were a loss of $13.9 million
versus a loss of $20.0 million in the prior-year period, a
decrease of $6.1 million. The loss in 3Q 2022 was primarily driven
by mark down of the value of our Linkem position, an Italian
wireless broadband provider, driven by lower projected future cash
flows and a decline in market value of comparables.
Economic Interest Expense (Income). In the third quarter of 2022
Cowen had interest income gain of $1.4 million, versus an expense
of $6.5 million in the prior-year period. Third quarter 2022
interest expense included a $11.1 million gain from a
mark-to-market adjustment on an interest rate swap used to offset
interest on floating-rate debt.
Economic Expenses
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
(Dollar amounts in
thousands) |
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
Economic
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation & Benefits |
$ |
204,296 |
|
$ |
508 |
|
$ |
204,804 |
|
$ |
198,702 |
|
$ |
4,186 |
|
$ |
202,888 |
|
$ |
541,956 |
|
$ |
2,003 |
|
$ |
543,959 |
|
$ |
800,560 |
|
$ |
11,137 |
|
$ |
811,697 |
Non-Compensation Expenses |
|
101,205 |
|
|
74 |
|
|
101,279 |
|
|
88,356 |
|
|
38 |
|
|
88,394 |
|
|
298,763 |
|
|
110 |
|
|
298,873 |
|
|
265,582 |
|
|
13 |
|
|
265,595 |
Depreciation & Amortization |
|
6,989 |
|
|
5 |
|
|
6,994 |
|
|
4,790 |
|
|
6 |
|
|
4,796 |
|
|
21,158 |
|
|
18 |
|
|
21,176 |
|
|
13,700 |
|
|
15 |
|
|
13,715 |
Non-Controlling Interest |
|
826 |
|
|
— |
|
|
826 |
|
|
1,216 |
|
|
— |
|
|
1,216 |
|
|
1,812 |
|
|
— |
|
|
1,812 |
|
|
4,171 |
|
|
— |
|
|
4,171 |
Total: Economic
Expenses |
$ |
313,316 |
|
$ |
587 |
|
$ |
313,903 |
|
$ |
293,064 |
|
$ |
4,230 |
|
$ |
297,294 |
|
$ |
863,689 |
|
$ |
2,131 |
|
$ |
865,820 |
|
$ |
1,084,013 |
|
$ |
11,165 |
|
$ |
1,095,178 |
Economic Compensation Expenses were $204.8 million compared to
$202.9 million in the third quarter of 2021. The economic
compensation-to-proceeds ratio was 60.1%, higher than prior-year
period ratio of 56.5%, reflecting our view that we will likely end
the year closer to the higher end of our targeted
compensation-to-proceeds ratio of 59% for FY 2022.
Economic Fixed Non-Compensation Expenses in the third quarter
2022 fixed non-compensation expenses were up $2.9 million from the
prior-year period at $43.3 million. The year-over-year increase is
due in part to an increase in headcount as well as an increase in
professional and advisory fees and communication costs. The fixed
non-compensation-to-economic-proceeds ratio rose from 11.2% in
3Q'21 to 12.7% in 3Q'22.
Economic Variable Non-Compensation Expenses were $58.0 million,
up from $48.1 million in the third quarter of 2021, due in part to
higher trade execution costs from increased markets activity as
well as increased client event and entertainment costs. The
variable non-compensation-to-proceeds ratio rose from 13.4% in
3Q'21 to 17.0% in 3Q'22.
Economic Depreciation and Amortization Expenses were $7.0
million compared to $4.8 million in the third quarter of 2021. The
year-over-year increase is due primarily to expenses associated
with the Portico acquisition in late 2021.
Economic Income and Economic Operating
Income
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, 2022 |
|
September 30, 2021 |
|
September 30, 2022 |
|
September 30, 2021 |
(Dollar amounts in
thousands) |
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
|
Op Co |
|
Asset Co |
|
Total |
Pre-tax Economic Income (Loss) |
$ |
52,064 |
|
$ |
(23,786 |
) |
|
$ |
28,278 |
|
$ |
60,084 |
|
$ |
(4,812 |
) |
|
$ |
55,272 |
|
$ |
105,221 |
|
$ |
(23,616 |
) |
|
$ |
81,605 |
|
$ |
330,427 |
|
$ |
(11,121 |
) |
|
$ |
319,306 |
Economic income tax
expense |
|
13,537 |
|
|
(6,184 |
) |
|
|
7,353 |
|
|
15,111 |
|
|
(1,256 |
) |
|
|
13,855 |
|
|
27,358 |
|
|
(6,140 |
) |
|
|
21,218 |
|
|
87,563 |
|
|
(2,947 |
) |
|
|
84,616 |
Preferred stock dividends |
|
1,494 |
|
|
204 |
|
|
|
1,698 |
|
|
1,477 |
|
|
221 |
|
|
|
1,698 |
|
|
4,432 |
|
|
662 |
|
|
|
5,094 |
|
|
4,364 |
|
|
730 |
|
|
|
5,094 |
Economic Income
(Loss) |
$ |
37,033 |
|
$ |
(17,806 |
) |
|
$ |
19,227 |
|
$ |
43,496 |
|
$ |
(3,777 |
) |
|
$ |
39,719 |
|
|
73,431 |
|
|
(18,138 |
) |
|
|
55,293 |
|
|
238,500 |
|
|
(8,904 |
) |
|
|
229,596 |
Add back: Depreciation and
amortization expense, net of taxes |
|
5,172 |
|
|
4 |
|
|
|
5,176 |
|
|
3,548 |
|
|
5 |
|
|
|
3,553 |
|
|
15,657 |
|
|
13 |
|
|
|
15,670 |
|
|
10,070 |
|
|
15 |
|
|
|
10,085 |
Economic Operating
Income (Loss) |
$ |
42,205 |
|
$ |
(17,802 |
) |
|
$ |
24,403 |
|
$ |
47,044 |
|
$ |
(3,772 |
) |
|
$ |
43,272 |
|
$ |
89,088 |
|
$ |
(18,125 |
) |
|
$ |
70,963 |
|
$ |
248,570 |
|
$ |
(8,889 |
) |
|
$ |
239,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Income per diluted
share |
$ |
1.15 |
|
$ |
(0.55 |
) |
|
$ |
0.60 |
|
$ |
1.33 |
|
$ |
(0.12 |
) |
|
$ |
1.21 |
|
$ |
2.35 |
|
$ |
(0.58 |
) |
|
$ |
1.77 |
|
$ |
7.17 |
|
$ |
(0.27 |
) |
|
$ |
6.90 |
Economic Operating Income per
diluted share |
$ |
1.31 |
|
$ |
(0.55 |
) |
|
$ |
0.76 |
|
$ |
1.44 |
|
$ |
(0.12 |
) |
|
$ |
1.32 |
|
$ |
2.86 |
|
$ |
(0.58 |
) |
|
$ |
2.27 |
|
$ |
7.47 |
|
$ |
(0.27 |
) |
|
$ |
7.21 |
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures
The following tables reconciles total US GAAP Revenues and Other
Income (Loss) to total Economic Proceeds for the three and nine
months ended September 30, 2022 and 2021:
For the three months
ended September 30, 2022(Dollar amounts in thousands) |
|
Investment Banking |
|
Brokerage |
|
Investment Income |
|
Management Fees |
|
Incentive Income |
|
Interest and Dividends |
|
Reinsurance Premiums |
|
Other Revenues, net |
|
Consolidated Funds Revenues |
|
Other Income (Loss) |
|
Total |
Total US GAAP Revenues and Other Income
(Loss) |
|
$ |
154,480 |
|
|
$ |
135,516 |
|
|
$ |
(31,974 |
) |
|
$ |
16,655 |
|
|
$ |
— |
|
|
$ |
147,884 |
|
|
$ |
10,737 |
|
|
$ |
376 |
|
|
$ |
(22,883 |
) |
|
$ |
(1,637 |
) |
|
$ |
409,154 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(1,899 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,899 |
) |
Reimbursable client expenses |
b |
|
(3,222 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(260 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,482 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
(2,254 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(26,267 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,521 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(379 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(605 |
) |
|
|
— |
|
|
|
— |
|
|
|
(984 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,004 |
|
|
|
(3,095 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
161 |
|
|
|
3,070 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
(9,443 |
) |
|
|
— |
|
|
|
11,363 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,920 |
|
Proprietary trading, interest and dividends |
g |
|
— |
|
|
|
(72,984 |
) |
|
|
48,641 |
|
|
|
— |
|
|
|
(3,105 |
) |
|
|
(36,632 |
) |
|
|
— |
|
|
|
8,705 |
|
|
|
— |
|
|
|
24,478 |
|
|
|
(30,897 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,737 |
) |
|
|
(2,379 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,116 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
111,819 |
|
|
|
(6,090 |
) |
|
|
— |
|
|
|
— |
|
|
|
(84,985 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(23,002 |
) |
|
|
(2,258 |
) |
Total Management Presentation Reclassifications: |
|
|
(5,121 |
) |
|
|
36,581 |
|
|
|
33,108 |
|
|
|
5,625 |
|
|
|
5,163 |
|
|
|
(147,884 |
) |
|
|
(10,737 |
) |
|
|
5,461 |
|
|
|
— |
|
|
|
1,637 |
|
|
|
(76,167 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(15,079 |
) |
|
|
38 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,883 |
|
|
|
— |
|
|
|
7,842 |
|
Total Economic
Proceeds |
|
$ |
149,359 |
|
|
$ |
172,097 |
|
|
$ |
(13,945 |
) |
|
$ |
22,318 |
|
|
$ |
5,163 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,837 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
340,829 |
|
For the three months
ended September 30, 2021(Dollar amounts in thousands) |
|
Investment Banking |
|
Brokerage |
|
Investment Income |
|
Management Fees |
|
Incentive Income |
|
Interest and Dividends |
|
Reinsurance Premiums |
|
Other Revenues, net |
|
Consolidated Funds Revenues |
|
Other Income (Loss) |
|
Total |
Total US GAAP Revenues and Other Income
(Loss) |
|
$ |
273,532 |
|
|
$ |
131,371 |
|
|
$ |
(64,301 |
) |
|
$ |
15,334 |
|
|
$ |
6 |
|
|
$ |
45,978 |
|
|
$ |
12,586 |
|
|
$ |
(1,078 |
) |
|
$ |
(1,191 |
) |
|
$ |
4,266 |
|
|
$ |
416,503 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(7,208 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,208 |
) |
Reimbursable client expenses |
b |
|
(3,706 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(389 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,095 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
1,565 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30,417 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,852 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
(94 |
) |
|
|
— |
|
|
|
(4,328 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(610 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,032 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,974 |
|
|
|
2,592 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,575 |
) |
|
|
1,991 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
60,471 |
|
|
|
— |
|
|
|
(60,263 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
208 |
|
Proprietary trading, interest and dividends |
g |
|
— |
|
|
|
8,523 |
|
|
|
(14,436 |
) |
|
|
— |
|
|
|
(157 |
) |
|
|
(5,658 |
) |
|
|
— |
|
|
|
1,341 |
|
|
|
— |
|
|
|
12,381 |
|
|
|
1,994 |
|
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,586 |
) |
|
|
(586 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,172 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
19,121 |
|
|
|
(535 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,903 |
) |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
(12,072 |
) |
|
|
(3,388 |
) |
Total Management Presentation Reclassifications: |
|
|
(10,914 |
) |
|
|
29,115 |
|
|
|
45,500 |
|
|
|
(354 |
) |
|
|
(57,828 |
) |
|
|
(45,978 |
) |
|
|
(12,586 |
) |
|
|
(243 |
) |
|
|
— |
|
|
|
(4,266 |
) |
|
|
(57,554 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(1,226 |
) |
|
|
54 |
|
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,191 |
|
|
|
— |
|
|
|
106 |
|
Total Economic
Proceeds |
|
$ |
262,618 |
|
|
$ |
160,486 |
|
|
$ |
(20,027 |
) |
|
$ |
15,034 |
|
|
$ |
(57,735 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1,321 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
359,055 |
|
For the nine months
ended September 30, 2022(Dollar amounts in thousands) |
|
Investment Banking |
|
Brokerage |
|
Investment Income |
|
Management Fees |
|
Incentive Income |
|
Interest and Dividends |
|
Reinsurance Premiums |
|
Other Revenues, net |
|
Consolidated Funds Revenues |
|
Other Income (Loss) |
|
Total |
Total US GAAP Revenues and Other Income
(Loss) |
|
$ |
356,191 |
|
|
$ |
458,910 |
|
|
$ |
26,110 |
|
|
$ |
50,141 |
|
|
$ |
633 |
|
|
$ |
242,764 |
|
|
$ |
36,336 |
|
|
$ |
(7,198 |
) |
|
$ |
(40,091 |
) |
|
$ |
7,470 |
|
|
$ |
1,131,266 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(3,047 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,047 |
) |
Reimbursable client expenses |
b |
|
(7,332 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(866 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,198 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
(3,580 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(84,233 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(87,813 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,119 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,896 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,015 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,279 |
|
|
|
3,269 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,276 |
) |
|
|
7,272 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
39,707 |
|
|
|
— |
|
|
|
(36,936 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,771 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
(60,388 |
) |
|
|
(38,739 |
) |
|
|
— |
|
|
|
(4,818 |
) |
|
|
(53,661 |
) |
|
|
— |
|
|
|
15,315 |
|
|
|
— |
|
|
|
63,780 |
|
|
|
(78,511 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,336 |
) |
|
|
12,706 |
|
|
|
— |
|
|
|
— |
|
|
|
(23,630 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
156,946 |
|
|
|
(842 |
) |
|
|
— |
|
|
|
— |
|
|
|
(104,870 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(60,974 |
) |
|
|
(9,740 |
) |
Total Management Presentation Reclassifications: |
|
|
(10,379 |
) |
|
|
92,978 |
|
|
|
126 |
|
|
|
13,160 |
|
|
|
(38,485 |
) |
|
|
(242,764 |
) |
|
|
(36,336 |
) |
|
|
25,259 |
|
|
|
— |
|
|
|
(7,470 |
) |
|
|
(203,911 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(26,480 |
) |
|
|
137 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
40,091 |
|
|
|
— |
|
|
|
13,748 |
|
Total Economic
Proceeds |
|
$ |
345,812 |
|
|
$ |
551,888 |
|
|
$ |
(244 |
) |
|
$ |
63,438 |
|
|
$ |
(37,852 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,061 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
941,103 |
|
For the nine months
ended September 30, 2021(Dollar amounts in thousands) |
|
Investment Banking |
|
Brokerage |
|
Investment Income |
|
Management Fees |
|
Incentive Income |
|
Interest and Dividends |
|
Reinsurance Premiums |
|
Other Revenues, net |
|
Consolidated Funds Revenues |
|
Other Income (Loss) |
|
Total |
Total US GAAP Revenues and Other Income
(Loss) |
|
$ |
803,347 |
|
|
$ |
444,168 |
|
|
$ |
114,996 |
|
|
$ |
56,071 |
|
|
$ |
2,433 |
|
|
$ |
167,539 |
|
|
$ |
31,196 |
|
|
$ |
2,612 |
|
|
$ |
(3,843 |
) |
|
$ |
22,958 |
|
|
$ |
1,641,477 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(20,275 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,275 |
) |
Reimbursable client expenses |
b |
|
(12,539 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(972 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,511 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
9,132 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(121,073 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(111,941 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
(360 |
) |
|
|
— |
|
|
|
(8,850 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,914 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,124 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,976 |
|
|
|
16,590 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,298 |
) |
|
|
6,268 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
(768 |
) |
|
|
— |
|
|
|
1,090 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
322 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
34,870 |
|
|
|
(79,871 |
) |
|
|
— |
|
|
|
(207 |
) |
|
|
(12,016 |
) |
|
|
— |
|
|
|
1,070 |
|
|
|
— |
|
|
|
34,148 |
|
|
|
(22,006 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(31,196 |
) |
|
|
6,353 |
|
|
|
— |
|
|
|
— |
|
|
|
(24,843 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
70,368 |
|
|
|
(11,055 |
) |
|
|
— |
|
|
|
— |
|
|
|
(34,450 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36,491 |
) |
|
|
(11,628 |
) |
Total Management Presentation Reclassifications: |
|
|
(32,814 |
) |
|
|
114,010 |
|
|
|
(91,694 |
) |
|
|
2,126 |
|
|
|
17,473 |
|
|
|
(167,539 |
) |
|
|
(31,196 |
) |
|
|
4,537 |
|
|
|
— |
|
|
|
(23,641 |
) |
|
|
(208,738 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(2,843 |
) |
|
|
2,162 |
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,843 |
|
|
|
— |
|
|
|
3,179 |
|
Income Statement
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related amounts |
n |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,855 |
) |
|
|
(3,855 |
) |
Debt extinguishment |
p |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,538 |
|
|
|
4,538 |
|
Total Income Statement Adjustments: |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
683 |
|
|
|
683 |
|
Total Economic
Proceeds |
|
$ |
770,533 |
|
|
$ |
558,178 |
|
|
$ |
20,459 |
|
|
$ |
60,359 |
|
|
$ |
19,923 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,149 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,436,601 |
|
The following table reconciles total US GAAP interest and
dividends expense to total Economic Interest Expense for the three
and nine months ended September 30, 2022 and 2021:
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollar amounts in
thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Total US GAAP Interest & Dividend Expense |
|
$ |
76,270 |
|
|
$ |
43,035 |
|
|
$ |
176,719 |
|
|
$ |
163,749 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
Securities financing interest expense |
c |
|
(28,521 |
) |
|
|
(28,852 |
) |
|
|
(87,813 |
) |
|
|
(111,941 |
) |
Fund start-up costs, distribution and other fees |
d |
|
(129 |
) |
|
|
(1,088 |
) |
|
|
(2,337 |
) |
|
|
(2,257 |
) |
Proprietary trading gains and losses |
g |
|
(46,638 |
) |
|
|
(3,192 |
) |
|
|
(82,922 |
) |
|
|
(8,678 |
) |
Facilitation trading gains and losses |
i |
|
(2,258 |
) |
|
|
(3,388 |
) |
|
|
(9,740 |
) |
|
|
(11,628 |
) |
Total Management Presentation Reclassifications: |
|
|
(77,546 |
) |
|
|
(36,520 |
) |
|
|
(182,812 |
) |
|
|
(134,504 |
) |
Income
Statement Adjustments: |
|
|
|
|
|
|
|
Accelerated debt costs |
p |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,557 |
) |
Amortization of discount/(premium) on debt |
m |
|
(76 |
) |
|
|
(26 |
) |
|
|
(229 |
) |
|
|
(1,571 |
) |
Total Income Statement Adjustments: |
|
|
(76 |
) |
|
|
(26 |
) |
|
|
(229 |
) |
|
|
(7,128 |
) |
Total
Economic Interest Expense / (Income) |
$ |
(1,352 |
) |
|
$ |
6,489 |
|
|
$ |
(6,322 |
) |
|
$ |
22,117 |
|
The following tables reconcile total US GAAP Expenses and
non-controlling interests to total Economic Expenses for the three
and nine months ended September 30, 2022 and 2021:
|
|
Three Months Ended September 30, 2022 |
|
Three Months Ended September 30, 2021 |
(Dollar amounts in
thousands) |
|
Employee Compensation and Benefits |
|
Non-compensation US GAAP Expenses (including Depreciation
and Amortization) |
|
Net income (loss) attributable to non-controlling interests
in consolidated subsidiaries and investment funds |
|
Total |
|
Employee Compensation and Benefits |
|
Non-compensation US GAAP Expenses (including Depreciation
and Amortization) |
|
Net income (loss) attributable to non-controlling interests
in consolidated subsidiaries and investment funds |
|
Total |
Total US GAAP |
|
$ |
203,878 |
|
|
$ |
132,225 |
|
|
$ |
(22,046 |
) |
|
$ |
314,057 |
|
|
$ |
201,686 |
|
|
$ |
126,725 |
|
|
$ |
(4,938 |
) |
|
$ |
323,473 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
— |
|
|
|
(1,899 |
) |
|
|
— |
|
|
|
(1,899 |
) |
|
|
— |
|
|
|
(7,208 |
) |
|
|
— |
|
|
|
(7,208 |
) |
Reimbursable client expenses |
b |
|
— |
|
|
|
(3,482 |
) |
|
|
— |
|
|
|
(3,482 |
) |
|
|
— |
|
|
|
(4,095 |
) |
|
|
— |
|
|
|
(4,095 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
(855 |
) |
|
|
— |
|
|
|
(855 |
) |
|
|
— |
|
|
|
(3,944 |
) |
|
|
— |
|
|
|
(3,944 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
3,070 |
|
|
|
— |
|
|
|
3,070 |
|
|
|
— |
|
|
|
1,991 |
|
|
|
— |
|
|
|
1,991 |
|
Carried interest |
f |
|
— |
|
|
|
1,920 |
|
|
|
— |
|
|
|
1,920 |
|
|
|
— |
|
|
|
208 |
|
|
|
— |
|
|
|
208 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
1,607 |
|
|
|
14,134 |
|
|
|
15,741 |
|
|
|
— |
|
|
|
478 |
|
|
|
4,708 |
|
|
|
5,186 |
|
Insurance related activities expenses |
h |
|
— |
|
|
|
(13,116 |
) |
|
|
— |
|
|
|
(13,116 |
) |
|
|
— |
|
|
|
(13,172 |
) |
|
|
— |
|
|
|
(13,172 |
) |
Associated partner/banker compensation |
j |
|
1,274 |
|
|
|
(1,274 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,550 |
|
|
|
(1,550 |
) |
|
|
— |
|
|
|
— |
|
Management company non-Controlling interest |
k |
|
(348 |
) |
|
|
(478 |
) |
|
|
826 |
|
|
|
— |
|
|
|
(348 |
) |
|
|
(868 |
) |
|
|
1,216 |
|
|
|
— |
|
Total Management Presentation Reclassifications: |
|
|
926 |
|
|
|
(14,507 |
) |
|
|
14,960 |
|
|
|
1,379 |
|
|
|
1,202 |
|
|
|
(28,160 |
) |
|
|
5,924 |
|
|
|
(21,034 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
(70 |
) |
|
|
7,912 |
|
|
|
7,842 |
|
|
|
— |
|
|
|
(124 |
) |
|
|
230 |
|
|
|
106 |
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related adjustments |
n |
|
— |
|
|
|
(7,694 |
) |
|
|
— |
|
|
|
(7,694 |
) |
|
|
— |
|
|
|
(1,007 |
) |
|
|
— |
|
|
|
(1,007 |
) |
Contingent liability adjustments |
n |
|
— |
|
|
|
(1,681 |
) |
|
|
— |
|
|
|
(1,681 |
) |
|
|
— |
|
|
|
(4,244 |
) |
|
|
— |
|
|
|
(4,244 |
) |
Total Income Statement Adjustments: |
|
|
— |
|
|
|
(9,375 |
) |
|
|
— |
|
|
|
(9,375 |
) |
|
|
— |
|
|
|
(5,251 |
) |
|
|
— |
|
|
|
(5,251 |
) |
Total Economic
Expenses |
|
$ |
204,804 |
|
|
$ |
108,273 |
|
|
$ |
826 |
|
|
$ |
313,903 |
|
|
$ |
202,888 |
|
|
$ |
93,190 |
|
|
$ |
1,216 |
|
|
$ |
297,294 |
|
|
|
Nine Months Ended September 30, 2022 |
|
Nine Months Ended September 30, 2021 |
(Dollar amounts in
thousands) |
|
Employee Compensation and Benefits |
|
Non-compensation US GAAP Expenses (including Depreciation
and Amortization) |
|
Net income (loss) attributable to non-controlling interests
in consolidated subsidiaries and investment funds |
|
Total |
|
Employee Compensation and Benefits |
|
Non-compensation US GAAP Expenses (including Depreciation
and Amortization) |
|
Net income (loss) attributable to non-controlling interests
in consolidated subsidiaries and investment funds |
|
Total |
Total US GAAP |
|
$ |
542,378 |
|
|
$ |
343,262 |
|
|
$ |
(16,896 |
) |
|
$ |
868,744 |
|
|
$ |
809,068 |
|
|
$ |
347,787 |
|
|
$ |
13,379 |
|
|
$ |
1,170,234 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
— |
|
|
|
(3,047 |
) |
|
|
— |
|
|
|
(3,047 |
) |
|
|
— |
|
|
|
(20,275 |
) |
|
|
— |
|
|
|
(20,275 |
) |
Reimbursable client expenses |
b |
|
— |
|
|
|
(8,198 |
) |
|
|
— |
|
|
|
(8,198 |
) |
|
|
— |
|
|
|
(13,511 |
) |
|
|
— |
|
|
|
(13,511 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
(678 |
) |
|
|
— |
|
|
|
(678 |
) |
|
|
— |
|
|
|
(8,867 |
) |
|
|
— |
|
|
|
(8,867 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
7,272 |
|
|
|
— |
|
|
|
7,272 |
|
|
|
— |
|
|
|
6,268 |
|
|
|
— |
|
|
|
6,268 |
|
Carried interest |
f |
|
— |
|
|
|
2,771 |
|
|
|
— |
|
|
|
2,771 |
|
|
|
— |
|
|
|
322 |
|
|
|
— |
|
|
|
322 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
1,492 |
|
|
|
2,919 |
|
|
|
4,411 |
|
|
|
— |
|
|
|
3,749 |
|
|
|
(17,077 |
) |
|
|
(13,328 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
(23,630 |
) |
|
|
— |
|
|
|
(23,630 |
) |
|
|
— |
|
|
|
(24,843 |
) |
|
|
— |
|
|
|
(24,843 |
) |
Associated partner/banker compensation |
j |
|
2,626 |
|
|
|
(2,626 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,672 |
|
|
|
(3,672 |
) |
|
|
— |
|
|
|
— |
|
Management company non-Controlling interest |
k |
|
(1,045 |
) |
|
|
(767 |
) |
|
|
1,812 |
|
|
|
— |
|
|
|
(1,043 |
) |
|
|
(3,128 |
) |
|
|
4,171 |
|
|
|
— |
|
Total Management Presentation Reclassifications: |
|
|
1,581 |
|
|
|
(27,411 |
) |
|
|
4,731 |
|
|
|
(21,099 |
) |
|
|
2,629 |
|
|
|
(63,957 |
) |
|
|
(12,906 |
) |
|
|
(74,234 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
(229 |
) |
|
|
13,977 |
|
|
|
13,748 |
|
|
|
— |
|
|
|
(519 |
) |
|
|
3,698 |
|
|
|
3,179 |
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related amounts |
n |
|
— |
|
|
|
(7,852 |
) |
|
|
— |
|
|
|
(7,852 |
) |
|
|
— |
|
|
|
(1,324 |
) |
|
|
— |
|
|
|
(1,324 |
) |
Contingent liability adjustments |
n |
|
— |
|
|
|
12,279 |
|
|
|
— |
|
|
|
12,279 |
|
|
|
— |
|
|
|
(2,677 |
) |
|
|
— |
|
|
|
(2,677 |
) |
Total Income Statement Adjustments: |
|
|
— |
|
|
|
4,427 |
|
|
|
— |
|
|
|
4,427 |
|
|
|
— |
|
|
|
(4,001 |
) |
|
|
— |
|
|
|
(4,001 |
) |
Total Economic
Expenses |
|
$ |
543,959 |
|
|
$ |
320,049 |
|
|
$ |
1,812 |
|
|
$ |
865,820 |
|
|
$ |
811,697 |
|
|
$ |
279,310 |
|
|
$ |
4,171 |
|
|
$ |
1,095,178 |
|
The following table reconciles US GAAP Net Income (loss)
Attributable to Cowen Inc. Common Stockholders to Pre-tax Economic
Income (Loss), Economic Income (loss) and Economic Operating Income
(loss):
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollar amounts in
thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
US GAAP
Net income (loss) attributable to Cowen Inc. common
stockholders |
|
$ |
12,653 |
|
|
$ |
36,105 |
|
|
$ |
58,436 |
|
|
$ |
225,536 |
|
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
US GAAP Income tax expense (benefit) |
o |
|
4,476 |
|
|
|
12,192 |
|
|
|
22,273 |
|
|
|
76,864 |
|
|
Amortization of discount (premium) on debt |
m |
|
76 |
|
|
|
26 |
|
|
|
229 |
|
|
|
1,571 |
|
|
Debt extinguishment gain (loss) and/or accelerated debt costs |
p |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,095 |
|
|
Bargain purchase gain |
n |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,855 |
) |
|
Contingent liability adjustments |
n |
|
1,681 |
|
|
|
4,244 |
|
|
|
(12,279 |
) |
|
|
2,677 |
|
|
Acquisition related amounts |
n |
|
7,694 |
|
|
|
1,007 |
|
|
|
7,852 |
|
|
|
1,324 |
|
|
Preferred stock dividends |
q |
|
1,698 |
|
|
|
1,698 |
|
|
|
5,094 |
|
|
|
5,094 |
|
|
Pre-tax Economic
Income (Loss) |
|
|
28,278 |
|
|
|
55,272 |
|
|
|
81,605 |
|
|
|
319,306 |
|
|
Economic income tax expense |
|
|
(7,353 |
) |
|
|
(13,855 |
) |
|
|
(21,218 |
) |
|
|
(84,616 |
) |
|
Preferred stock dividends |
|
|
(1,698 |
) |
|
|
(1,698 |
) |
|
|
(5,094 |
) |
|
|
(5,094 |
) |
|
Economic Income
(Loss) |
|
|
19,227 |
|
|
|
39,719 |
|
|
|
55,293 |
|
|
|
229,596 |
|
|
Add back: Depreciation and amortization expense, net of taxes |
|
|
5,176 |
|
|
|
3,553 |
|
|
|
15,670 |
|
|
|
10,085 |
|
|
Economic Operating
Income (Loss) |
|
$ |
24,403 |
|
|
$ |
43,272 |
|
|
$ |
70,963 |
|
|
$ |
239,681 |
|
The following table reconciles US GAAP Net Income (loss)
Attributable to Cowen Inc. Common Stockholders Earnings Per Common
Share (Diluted) to Pre-tax Economic Income (loss) Per Common Share
(Diluted), Economic Income (loss) Per Common Share (Diluted) and
Economic Operating Income (loss) Per Common Share (Diluted):
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollars per
share) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
US GAAP
Net income (loss) attributable to Cowen Inc. common
stockholders |
|
$ |
0.39 |
|
|
$ |
1.10 |
|
|
$ |
1.87 |
|
|
$ |
6.78 |
|
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
US GAAP Income tax expense (benefit) |
o |
|
0.14 |
|
|
|
0.37 |
|
|
|
0.71 |
|
|
|
2.31 |
|
|
Amortization of discount (premium) on debt |
m |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.05 |
|
|
Debt extinguishment gain (loss) and accelerated debt costs |
p |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.30 |
|
|
Bargain purchase gain |
n |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.12 |
) |
|
Contingent liability adjustments |
n |
|
0.05 |
|
|
|
0.13 |
|
|
|
(0.39 |
) |
|
|
0.08 |
|
|
Acquisition related amounts |
n |
|
0.24 |
|
|
|
0.03 |
|
|
|
0.25 |
|
|
|
0.04 |
|
|
Preferred stock dividends |
q |
|
0.05 |
|
|
|
0.05 |
|
|
|
0.16 |
|
|
|
0.15 |
|
|
Pre-tax Economic
Income (Loss) per common share (diluted) |
|
|
0.88 |
|
|
|
1.69 |
|
|
|
2.62 |
|
|
|
9.60 |
|
|
Economic income tax expense |
|
|
(0.23 |
) |
|
|
(0.42 |
) |
|
|
(0.68 |
) |
|
|
(2.54 |
) |
|
Preferred stock dividends |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(0.16 |
) |
|
|
(0.15 |
) |
|
Economic income (Loss)
per common share (diluted) |
|
|
0.60 |
|
|
|
1.21 |
|
|
|
1.77 |
|
|
|
6.90 |
|
|
Add back: Depreciation and amortization expense, net of taxes |
|
|
0.16 |
|
|
|
0.11 |
|
|
|
0.50 |
|
|
|
0.31 |
|
|
Economic Operating
Income (Loss) per common share (diluted) |
|
$ |
0.76 |
|
|
$ |
1.32 |
|
|
$ |
2.27 |
|
|
$ |
7.22 |
|
Note: Amounts may not add due to rounding.
Adjustments made to US GAAP Net Income (Loss) to arrive
at Economic Operating Income (Loss)
Management
Reclassifications |
|
Management reclassification adjustments and fund consolidation
reclassification adjustments have no effect on Economic Operating
Income (Loss). These adjustments are reclassifications to change
the location of certain line items. |
a |
Underwriting expenses: Economic
Proceeds presents investment banking revenues net of underwriting
expenses. |
b |
Reimbursable client expenses:
Economic Proceeds presents expenses reimbursed from clients and
affiliates within their respective expense category but is included
as a part of revenues under US GAAP. |
c |
Securities financing interest
expense: Brokerage within Economic Proceeds included net securities
borrowed and securities loaned activities which are shown gross in
interest income and interest expense for US GAAP. |
d |
Fund start-up costs, distribution
and other fees: Economic Proceeds and Economic Interest Expense are
net of fund start-up costs and distribution fees paid to agents and
other debt service costs. |
e |
Certain equity method
investments: Economic Proceeds and Economic Expenses recognize the
Company's proportionate share of management and incentive fees and
associated share of expenses on a gross basis for equity method
investments within the activist business, real estate operating
entities and the healthcare royalty business. The Company applies
the equity method of accounting to these entities and accordingly
the results from these businesses are recorded within Other Income
(Loss) for US GAAP. |
f |
Carried interest: The Company
applies an equity ownership model to carried interest which is
recorded in Investment income - Carried interest allocation for US
GAAP. The Company presents carried interest as Incentive Income
Economic Proceeds. |
g |
Proprietary trading, interest and
dividends: Economic Proceeds presents interest and dividends from
the Company's proprietary trading in investment income. |
h |
Insurance related activities
expenses: Economic Proceeds presents underwriting income from the
Company's insurance and reinsurance related activities, net of
expenses, within other revenue. The costs are recorded within
expenses for US GAAP reporting. |
i |
Facilitation trading gains and
losses: Economic Brokerage Proceeds presents gains and losses on
investments held as part of the Company's facilitation and trading
business within brokerage revenues as these investments are
directly related to the markets business activities while these are
presented in Investment income - Securities principal transactions,
net for US GAAP reporting. |
j |
Associated partner/banker
compensation reclassification: Economic Compensation Expense
presents certain payments to associated banking partners as
compensation rather than non-compensation expenses. |
k |
Management company
non-controlling interest: Economic Expenses non-controlling
interest represents only operating entities that are not wholly
owned by the Company. The Company also presents non-controlling
interests within total expenses for Economic Income (Loss). |
Fund
Consolidation Reclassifications |
l |
The impacts of consolidation and
the related elimination entries of the Consolidated Funds are not
included in Economic Income (Loss). Adjustments to reconcile to US
GAAP Net Income (Loss) included elimination of incentive income and
management fees earned from the Consolidated Funds and addition of
investment fund expenses excluding management fees paid, investment
fund revenues and investment income (loss). |
Income
Statement Adjustments |
m |
Pre-tax Economic Income (Loss)
excludes the amortization of discount (premium) on debt. |
n |
Pre-tax Economic Income (Loss)
excludes acquisition related adjustments (including bargain
purchase gain and contingent liability adjustments). |
o |
Pre-tax Economic Income (Loss)
excludes US GAAP income taxes. |
p |
Pre-tax Economic Income (Loss)
excludes gain/(loss) on debt extinguishment and accelerated debt
costs. |
q |
Pre-tax Economic income (Loss)
excludes preferred stock dividends. |
About Cowen Inc. Cowen Inc. (“Cowen” or the
“Company”) is a diversified financial services firm that provides
investment banking, research, sales and trading, prime brokerage,
outsourced trading and commission management services. Cowen also
has an investment management division which offers actively managed
alternative investment products. Founded in 1918, the Company is
headquartered in New York and has offices worldwide. Learn more
at Cowen.com
Investor Relations Contact:Steve Lasota, Chief
Financial Officer (646) 662-2778stephen.lasota@cowen.comSource:
Cowen Inc.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements.
Forward-looking statements provide the Company’s current
expectations or forecasts of future events. Forward-looking
statements include statements about the Company’s expectations,
beliefs, plans, objectives, intentions, assumptions and other
statements that are not historical facts. Forward-looking
statements are subject to known and unknown risks and uncertainties
and are based on potentially inaccurate assumptions that could
cause actual results to differ materially from those expected or
implied by the forward-looking statements. As a result of the
spread of COVID-19, economic uncertainties have arisen that have
the potential in future periods to negatively impact the Company’s
business, financial condition, results of operation, cash flows,
strategies and prospects. The extent of the impact of COVID-19 on
the Company’s operational and financial performance will depend on
certain developments, including the duration and spread of the
outbreak and impact on our clients, employees, vendors and the
markets in which we operate our businesses, all of which are
uncertain and cannot be reasonably estimated at this time. The
Company’s actual results could differ materially from those
anticipated in forward-looking statements for many reasons,
including the factors described in the sections entitled “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in the Company’s Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q as filed with the
Securities and Exchange Commission. The Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q are available at our website at
www.cowen.com and at the Securities and Exchange Commission website
at www.sec.gov. Unless required by law, the Company undertakes no
obligation to publicly update or revise any forward-looking
statement to reflect circumstances or events after the date of this
press release.
Cowen (NASDAQ:COWN)
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De Abr 2024 a May 2024
Cowen (NASDAQ:COWN)
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