FINANCIAL SUPPLEMENT
2020 Third Quarter
OCTOBER 27, 2020
TABLE OF CONTENTS
- COWEN INC.
- REVENUE METRICS (NON-GAAP)
- SUMMARY OPERATING AND OTHER FINANCIAL INFORMATION (NON-GAAP)
- RECONCILIATION OF US GAAP AND ECONOMIC INCOME (UNAUDITED)
- OPERATING CO
- REVENUE METRICS (NON-GAAP)
- SUMMARY OPERATING AND OTHER FINANCIAL INFORMATION (NON-GAAP)
- ASSET CO
- REVENUE METRICS (NON-GAAP)
- SUMMARY OPERATING AND OTHER FINANCIAL INFORMATION (NON-GAAP)
- APPENDIX
- RETURN ON COMMON EQUITY (ROCE) DEFINITION
- DEFINITION OF US GAAP TO NON-GAAP MEASURES
- END NOTES
- LEGAL NOTICE
2
1. COWEN INC.
3
Revenue Metrics (Non-GAAP Unaudited) - Cowen Inc.
2018 | 2019 | 2020 | ||||||||||
$ thousands | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | |||
INVESTMENT BANKING REVENUE | $329,062 | $81,561 | $103,379 | $69,433 | $96,711 | $351,085 | $99,197 | $190,430 | $185,151 | |||
M&A | ||||||||||||
Revenue | $81,733 | $26,984 | $11,021 | $16,373 | $28,773 | $83,152 | $19,773 | $30,983 | $32,476 | |||
Total transactions | 30 | 10 | 9 | 13 | 16 | 48 | 12 | 9 | 10 | |||
Average fee (implied) | $2,724 | $2,698 | $1,225 | $1,259 | $1,798 | 1,732 | $1,648 | $3,443 | $3,248 | |||
Median fee | $1,800 | $1,117 | $876 | $1,059 | $1,188 | $1,008 | $1,201 | $1,295 | $1,685 | |||
Transaction value (in M) | $10,889 | $7,207 | $716 | $927 | $1,592 | $10,443 | $1,114 | $4,742 | $6,011 | |||
Total Capital Markets Revenue | $247,329 | $54,577 | $92,358 | $53,060 | $67,938 | $267,933 | $79,424 | $159,447 | $152,675 | |||
Capital Markets Underwriting1 | ||||||||||||
Revenue | -- | $47,477 | $72,402 | $39,874 | $59,144 | $218,897 | $65,725 | $134,736 | $123,053 | |||
Total transactions | -- | 25 | 42 | 22 | 25 | 114 | 24 | 48 | 50 | |||
Average fee (implied) | -- | $1,899 | $1,724 | $1,812 | $2,366 | $1,920 | $2,739 | $2,807 | $2,461 | |||
Median fee | -- | $1,478 | $1,527 | $1,300 | $1,924 | $1,477 | $2,309 | $2,206 | $2,033 | |||
Capital Markets Advisory2 | ||||||||||||
Revenue | -- | $7,100 | $19,956 | $13,186 | $8,794 | $49,036 | $13,699 | $24,711 | $29,622 | |||
Total transactions | -- | 5 | 5 | 8 | 9 | 27 | 7 | 7 | 11 | |||
Average fee (implied) | -- | $1,420 | $3,991 | $1,648 | $977 | $1,816 | $1,957 | $3,530 | $2,693 | |||
Median fee | -- | $700 | $1,500 | $1,173 | $666 | $900 | $1,350 | $1,880 | $2,250 | |||
Total Capital Markets Revenue | $247,329 | $54,577 | $92,358 | $53,060 | $67,938 | $267,933 | ||||||
MARKETS REVENUE | $472,490 | $113,434 | $125,276 | $111,746 | $115,097 | $465,553 | $132,385 | $169,162 | $167,441 | |||
Brokerage Revenue7 | $467,117 | $111,872 | $124,044 | $110,180 | $113,047 | $459,143 | $132,672 | $167,067 | $167,084 | |||
Institutional brokerage3 | $327,578 | $78,304 | $89,303 | $75,907 | $80,451 | $323,965 | $97,961 | $119,064 | $113,313 | |||
Institutional services | $139,539 | $33,568 | $34,741 | $34,273 | $32,596 | $135,178 | $34,711 | $48,003 | $53,771 | |||
Markets Other Revenue4 | $5,373 | $1,562 | $1,387 | $1,725 | $2,051 | $6,725 | ($287) | $2,095 | $357 | |||
Markets revenue per trading day | $1,882 | $1,860 | $1,991 | $1,749 | $1,798 | $1,849 | $2,135 | $2,685 | $2,616 | |||
# Trading days | 251 | 61 | 63 | 64 | 64 | 252 | 62 | 63 | 64 | |||
# Publishing analysts5 | 51 | 52 | 52 | 53 | 52 | 52 | 53 | 54 | 54 | |||
MANAGEMENT FEE | $49,175 | $10,430 | $10,468 | $10,907 | $10,492 | $42,297 | $13,320 | $14,402 | $14,636 | |||
Monthly run rate for period | $4,098 | $3,477 | $3,489 | $3,636 | $3,497 | $3,525 | $4,440 | $4,801 | $4,879 | |||
INCENTIVE INCOME | $23,304 | $16,291 | $4,080 | $14,389 | $10,973 | $45,732 | ($4,086) | $46,375 | ($1,302) | |||
INVESTMENT INCOME7 | $41,528 | $10,269 | $(2,887) | $11,734 | $16,611 | $35,726 | $(31,103) | $140,486 | $(90,488) | |||
OTHER REVENUE | -$1,169 | $1,159 | $4,318 | $(126) | $491 | $5,843 | $562 | $(60) | $(794) | |||
TOTAL REVENUE6 | $909,017 | $231,582 | $243,402 | $216,517 | $248,325 | $939,827 | $210,562 | $558,700 | $274,287 |
- "Capital Markets Underwriting" includes IPOs, secondary offerings, convertible bonds, ATM offerings and publicly rated debt
- "Capital Markets Advisory" includes private placements, PIPEs, private debt financings, debt advisory and other advisory fees
- "Institutional Brokerage" includes: cash and electronic trading, options, ADR, special situations and credit; "Institutional Services" includes: prime services, clearing, securities finance, commission management and recapture.
- "Markets Other Revenue" includes management fees for Prime Services and miscellaneous fees
- Includes equity, credit and macro publishing analysts
- Total revenue is the sum of investment banking, brokerage, management fee, incentive income, investment income and other revenue
- For 2Q'20 and prior periods, investment income/losses related to Brokerage are now reflected in the Brokerage Revenue lines
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Cowen Inc. published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2020 11:09:07 UTC