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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q | | | | | | | | |
| (Mark One) | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended September 30, 2021 | |
| or | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
| For the transition period from to | |
Commission File Number: 001-34516
Cowen Inc.
(Exact name of registrant as specified in its charter) | | | | | |
Delaware (State or Other Jurisdiction of Incorporation or Organization) | 27-0423711 (I.R.S. Employer Identification No.) |
599 Lexington Avenue New York, New York (Address of Principal Executive Offices) | 10022 (Zip Code) |
(646) 562-1010
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
| Title of Each Class | | Trading Symbol | | Name of Exchange on Which Registered |
| Class A Common Stock, par value $0.01 per share | | COWN | | The Nasdaq Global Market |
| 7.75% Senior Notes due 2033 | | COWNL | | The Nasdaq Global Market |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Large accelerated filer ☐ | | Accelerated filer ☒ | | Non-accelerated filer ☐
| | Smaller reporting company ☐ | | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of October 28, 2021, there were 27,287,075 shares of the registrant's common stock outstanding.
Special Note Regarding Forward-Looking Statements
We have made statements in this Quarterly Report on Form 10-Q (including in "Management's Discussion and Analysis of Financial Condition and Results of Operations") that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify these statements by forward-looking terms such as "may," "might," "will," "would," "could," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," "possible," "potential," "intend," "seek" or "continue," the negative of these terms and other comparable terminology or similar expressions. In addition, our management may make forward-looking statements to analysts, representatives of the media and others. These forward-looking statements represent only the Company's beliefs regarding future events (many of which, by their nature, are inherently uncertain and beyond our control) and are predictions only, based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks contained in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2020 and the risks contained in Item 1A of this periodic report on Form 10-Q for the three and nine months ended September 30, 2021.
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations.
Unaudited Condensed Consolidated Financial Statements are presented for the three and nine months ended September 30, 2021 and 2020. The Consolidated Financial Statements as of December 31, 2020 were audited.
PART I. FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements
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Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited) |
| As of September 30, 2021 | | As of December 31, 2020 |
| Assets | | | |
| Cash and cash equivalents | $ | 1,057,123 | | | $ | 645,169 | |
| Cash collateral pledged | 48,996 | | | 110,743 | |
| Segregated cash | 177,693 | | | 185,141 | |
Securities owned, at fair value ($2,903,432 and $1,524,136 were pledged to various parties) | 3,954,914 | | | 2,001,602 | |
| Securities purchased under agreements to resell | — | | | 191 | |
| Receivable on derivative contracts, at fair value | 212,421 | | | 51,482 | |
| Securities borrowed | 2,169,056 | | | 1,908,187 | |
Other investments ($138,023 and $133,454 at fair value, respectively) | 262,431 | | | 255,027 | |
| Deposits with clearing organizations, brokers and banks | 76,798 | | | 104,952 | |
Receivable from brokers, dealers and clearing organizations, net of allowance of $645 and $885, respectively | 2,075,273 | | | 1,729,744 | |
Receivable from customers, net of allowance of $687 and $530, respectively | 224,455 | | | 103,963 | |
Fees receivable, net of allowance of $3,237 and $3,348, respectively | 157,606 | | | 160,349 | |
| Due from related parties | 30,454 | | | 21,068 | |
Fixed assets, net of accumulated depreciation and amortization of $47,376 and $40,670, respectively | 29,422 | | | 33,023 | |
| Operating lease right-of-use assets | 90,878 | | | 78,241 | |
| Goodwill | 147,084 | | | 147,084 | |
Intangible assets, net of accumulated amortization of $30,848 and $37,884, respectively | 25,820 | | | 24,403 | |
| Deferred tax asset, net | 4,303 | | | 9,030 | |
| Other assets | 95,239 | | | 54,884 | |
| Consolidated Funds | | | |
| Cash and cash equivalents | 426 | | | 417 | |
| Securities owned, at fair value | 2,951 | | | 10,622 | |
| | | |
| Other investments | 100,252 | | | 192,670 | |
| | | |
| Other assets | 46 | | | 207 | |
| Total Assets | $ | 10,943,641 | | | $ | 7,828,199 | |
| Liabilities, Temporary Equity and Permanent Equity | | | |
| Liabilities | | | |
| Securities sold, not yet purchased, at fair value | $ | 1,361,723 | | | $ | 728,115 | |
| Securities sold under agreements to repurchase | 53,839 | | | 5,036 | |
| Payable for derivative contracts, at fair value | 46,872 | | | 76,160 | |
| Securities loaned | 3,352,456 | | | 2,476,414 | |
| Payable to brokers, dealers and clearing organizations | 667,809 | | | 415,143 | |
| Payable to customers | 2,732,428 | | | 1,680,326 | |
| Commission management payable | 117,752 | | | 116,987 | |
| Compensation payable | 558,505 | | | 373,339 | |
| Operating lease liabilities | 94,383 | | | 82,735 | |
| Notes payable and other debt | 479,503 | | | 383,067 | |
| Convertible debt | — | | | 80,808 | |
| Fees payable | 29,869 | | | 43,833 | |
| Due to related parties | 108 | | | 51 | |
| Accounts payable, accrued expenses and other liabilities | 204,131 | | | 196,479 | |
| Consolidated Funds | | | |
| | | |
| Due to related parties | 5 | | | 7 | |
| | | |
| | | |
| | | |
| | | |
| Accounts payable, accrued expenses and other liabilities | 181 | | | 578 | |
| Total Liabilities | $ | 9,699,564 | | | $ | 6,659,078 | |
| | | |
| | | | | | | | | | | |
Cowen Inc.
Condensed Consolidated Statements of Financial Condition
(dollars in thousands, except share and per share data)
(unaudited) |
| As of September 30, 2021 | | As of December 31, 2020 |
| (continued) | | | |
| Commitments and Contingencies (Note 18) | | | |
| Temporary Equity | | | |
| Redeemable non-controlling interests | $ | — | | | $ | — | |
| Permanent Equity | | | |
| Cowen Inc. stockholders' equity | | | |
Preferred stock, par value $0.01 per share: 10,000,000 shares authorized, 120,750 shares issued and outstanding as of September 30, 2021 (aggregate liquidation preference of $120,750) and 10,000,000 shares authorized, 120,750 shares issued and outstanding as of December 31, 2020 (aggregate liquidation preference of $120,750), respectively | $ | 1 | | | $ | 1 | |
Class A common stock, par value $0.01 per share: 62,500,000 shares authorized, 54,340,530 shares issued and 27,734,650 outstanding as of September 30, 2021 and 62,500,000 shares authorized, 49,465,491 shares issued and 26,845,628 outstanding as of December 31, 2020, respectively (including 217,869 and 334,230 restricted shares, respectively) | 334 | | | 334 | |
Class B common stock, par value $0.01 per share: 62,500,000 authorized, no shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | — | | | — | |
| Additional paid-in capital | 1,176,667 | | | 1,130,138 | |
| (Accumulated deficit) retained earnings | 402,049 | | | 185,901 | |
| Accumulated other comprehensive income (loss) | (2) | | | (7) | |
Less: Class A common stock held in treasury, at cost, 26,605,880 and 22,619,863 shares as of September 30, 2021 and December 31, 2020, respectively | (495,922) | | | (346,870) | |
| Total Cowen Inc. Stockholders' Equity | 1,083,127 | | | 969,497 | |
| Nonredeemable non-controlling interests | 160,950 | | | 199,624 | |
| Total Permanent Equity | $ | 1,244,077 | | | $ | 1,169,121 | |
| Total Liabilities, Temporary Equity and Permanent Equity | $ | 10,943,641 | | | $ | 7,828,199 | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Cowen Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited) |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2021 | | 2020 | | 2021 | | 2020 | | |
| Revenues | | | | | | | | | |
| Investment banking | $ | 273,532 | | | $ | 194,341 | | | $ | 803,347 | | | $ | 503,351 | | | |
| Brokerage | 131,371 | | | 119,804 | | | 444,168 | | | 391,390 | | | |
| Investment income (loss) | | | | | | | | | |
| Securities principal transactions, net | 7,291 | | (50,446) | | 111,828 | | 76,097 | | |
| Portfolio fund principal transactions, net | (11,121) | | (435) | | 2,400 | | 8,841 | | |
| Carried interest allocations | (60,471) | | (4,014) | | 768 | | 22,199 | | |
| Total investment income (loss) | (64,301) | | | (54,895) | | | 114,996 | | | 107,137 | | | |
| Management fees | 15,334 | | | 11,954 | | | 56,071 | | | 35,211 | | | |
| Incentive income | 6 | | | 127 | | | 2,433 | | | 127 | | | |
| Interest and dividends | 45,978 | | | 37,552 | | | 167,539 | | | 127,547 | | | |
| | | | | | | | | |
| Insurance and reinsurance premiums | 12,586 | | | 2,505 | | | 31,196 | | | 18,943 | | | |
| Other revenues, net | (1,078) | | | 2,388 | | | 2,612 | | | 5,257 | | | |
| Consolidated Funds | | | | | | | | | |
| Principal transactions, net | (1,194) | | | 6,385 | | | (3,850) | | | (29,372) | | | |
| Interest and dividends | 3 | | | 1,135 | | | 7 | | | 3,992 | | | |
| Other revenues | — | | | — | | | — | | | 620 | | | |
| Total revenues | 412,237 | | | 321,296 | | | 1,618,519 | | | 1,164,203 | | | |
| Interest and dividends expense | 43,035 | | | 37,754 | | | 163,749 | | | 125,850 | | | |
| Total net revenues | 369,202 | | | 283,542 | | | 1,454,770 | | | 1,038,353 | | | |
| | | | | | | | | |
| Expenses | | | | | | | | | |
| Employee compensation and benefits | 201,686 | | | 153,427 | | | 809,068 | | | |
