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Registrant Name |
Cohen
& Co Inc. |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 6, 2024
Cohen & Company
Inc.
(Exact name of registrant as specified in its
charter)
Maryland |
|
1-32026 |
|
16-1685692 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
Cira Centre
2929 Arch Street, Suite 1703
Philadelphia,
Pennsylvania |
|
19104 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s telephone number, including
area code: (215) 701-9555
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
¨ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
|
COHN |
|
The NYSE
American Stock Exchange |
Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨
Item 2.02 |
Results of Operations and Financial Condition. |
On May 6, 2024, Cohen & Company Inc., a Maryland corporation
(the “Company”), issued a press release announcing the Company’s financial results for the first quarter ended March 31,
2024. A copy of the earnings release is attached to this report as Exhibit 99.1.
The information hereunder shall not be deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the
liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange
Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
* Filed electronically herewith.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
COHEN &
COMPANY INC. |
|
|
Date: May 6, 2024 |
By: |
/s/ Joseph W. Pooler, Jr. |
|
Name: |
Joseph W. Pooler, Jr. |
|
Title: |
Executive Vice
President, Chief Financial Officer and Treasurer |
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/1270436/000110465924057249/tm2413103d1_ex99-1img001.jpg)
COHEN & COMPANY REPORTS FIRST QUARTER
2024 FINANCIAL RESULTS
Net Income Attributable to Cohen &
Company Inc. of $2.0 Million, or $1.28 per Diluted Share
Adjusted Pre-Tax income of $7.7 Million,
or $1.37 per Diluted Share
Board Declares Quarterly Dividend of $0.25
per Share
Philadelphia and New York, May 6, 2024
– Cohen & Company Inc. (NYSE American: COHN), a financial services firm specializing in an expanding range of
capital markets and asset management services, today reported financial results for its first quarter ended March 31, 2024.
Summary Operating Results
| |
Three Months Ended | |
($ in thousands) | |
3/31/24 | | |
12/31/23 | | |
3/31/23 | |
Net trading | |
$ | 9,848 | | |
$ | 7,809 | | |
$ | 8,210 | |
Asset management | |
| 2,717 | | |
| 1,919 | | |
| 2,025 | |
New issue and advisory | |
| 24,388 | | |
| 18,722 | | |
| 900 | |
Principal transactions and other revenue | |
| (18,389 | ) | |
| 6,014 | | |
| (2,311 | ) |
Total revenues | |
| 18,564 | | |
| 34,464 | | |
| 8,824 | |
Compensation and benefits | |
| 14,839 | | |
| 16,335 | | |
| 10,537 | |
Non-compensation operating expenses | |
| 7,100 | | |
| 6,680 | | |
| 5,770 | |
Operating income (loss) | |
| (3,375 | ) | |
| 11,449 | | |
| (7,483 | ) |
Interest expense, net | |
| (1,666 | ) | |
| (1,619 | ) | |
| (1,592 | ) |
Income (loss) from equity method affiliates | |
| 29,045 | | |
| 17,217 | | |
| (395 | ) |
Income (loss) before income tax expense (benefit) | |
| 24,004 | | |
| 27,047 | | |
| (9,470 | ) |
Income tax expense (benefit) | |
| 498 | | |
| 166 | | |
| 584 | |
Net income (loss) | |
| 23,506 | | |
| 26,881 | | |
| (10,054 | ) |
Less: Net income (loss) attributable to the non-convertible non-controlling interest | |
| 16,270 | | |
| 11,054 | | |
| 97 | |
Enterprise net income (loss) | |
| 7,236 | | |
| 15,827 | | |
| (10,151 | ) |
Less: Net income (loss) attributable to the convertible non-controlling interest | |
| 5,213 | | |
| 11,279 | | |
| (7,514 | ) |
Net income (loss) attributable to Cohen & Company Inc. | |
$ | 2,023 | | |
$ | 4,548 | | |
$ | (2,637 | ) |
Fully diluted net income (loss) per share | |
$ | 1.28 | | |
$ | 2.97 | | |
$ | (1.77 | ) |
| |
| | | |
| | | |
| | |
Adjusted pre-tax income (loss) (1) | |
$ | 7,734 | | |
$ | 15,993 | | |
$ | (9,567 | ) |
Fully diluted adjusted pre-tax income (loss) per share | |
$ | 1.37 | | |
$ | 2.88 | | |
$ | (1.74 | ) |
| (1) | Adjusted pre-tax income (loss) is not a measure recognized under U.S. generally accepted accounting principles
(“GAAP”). See Note 1 below. |
Lester Brafman, Chief Executive Officer of Cohen &
Company, said, “We are very pleased to report our second consecutive quarter of strong earnings. 2024 is off to a great start with
adjusted pre-tax income of $7.7 million and earnings per share of $1.28 in the first quarter. Over the last six months, we have generated
over $23 million of adjusted pre-tax income and $4.25 of earnings per share.
“Despite the on-going challenging market
environment, we continue to invest in our full-service boutique investment banking operation, Cohen & Company Capital Markets
(“CCM”), which has grown to 23 professionals. During the past two years, we repositioned the business with a focus on CCM
and we are beginning to see our robust pipeline deliver through the P&L. We are particularly proud of the fact that CCM has become
a leading advisor for De-SPAC transactions.
“Our net trading operations are also off
to a strong start. In the first quarter, net trading revenue increased 26% from the prior quarter. In January, we announced the hiring
of George Holstead as the head of our new Middle Markets Group, and we have since hired four traders and two salespeople into that group.
Although we continue to experience unfavorable volatility in negative mark-to-market adjustments on our principal investing portfolio,
we are well positioned for continued growth.
“We are excited about the momentum we have
built as we look to capitalize on the tremendous opportunity to grow our topline revenue and profitability. We will continue to invest
prudently in revenue generating talent and additional diversification of our offerings. Moving forward, we remain focused on enhancing
stockholder value, including through continued payment of our quarterly dividend.”
Financial Highlights
· | Net income attributable to Cohen & Company
Inc. was $2.0 million, or $1.28 per diluted share, for the three months ended March 31, 2024, compared to net income of $4.5 million,
or $2.97 per diluted share, for the three months ended December 31, 2023, and net loss of $2.6 million, or $1.77 per diluted share,
for the three months ended March 31, 2023. Adjusted pre-tax income was $7.7 million, or $1.37 per diluted share, for the three months
ended March 31, 2024, compared to adjusted pre-tax income of $16.0 million, or $2.88 per diluted share, for the three months ended
December 31, 2023, and adjusted pre-tax loss of $9.6 million, or $1.74 per diluted share, for the three months ended March 31,
2023. Adjusted pre-tax income (loss) and adjusted pre-tax income (loss) per diluted share are not measures recognized under GAAP. See
Note 1 below. |
· | Revenues were $18.6 million for the three months
ended March 31, 2024, compared to $34.5 million for the prior quarter and $8.8 million for the prior year quarter. |
| o | Net trading revenue was $9.8 million for the three months ended March 31, 2024, up $2.0 million from
the prior quarter and up $1.6 million from the prior year quarter. The increase from both prior quarters was due primarily to higher trading
revenue from our corporate and mortgage groups. |
| o | Asset management revenue was $2.7 million for the three months ended March 31, 2024, up $0.8 million
from the prior quarter and up $0.7 million from the prior year quarter. The increase from both prior quarters was related primarily to
a deferred performance fee in one of our European funds that was recorded in the first quarter. |
| o | New issue and advisory revenue was $24.4 million for the three months ended March 31, 2024, up $5.7
million from the prior quarter and up $23.5 million from the prior year quarter. |
| o | Principal transactions and other revenue was negative $18.4 million for the three months ended March 31,
2024, compared to positive $6.0 million in the prior quarter and negative $2.3 million in the prior year quarter. In all quarters presented,
the principal transactions and other revenue was primarily due to mark-to-market adjustments on the Company’s principal investment
portfolio. |
· | Compensation and benefits expense during the
three months ended March 31, 2024 decreased $1.5 million from the prior quarter and increased $4.3 million from the prior year quarter.
The number of Company employees was 116 as of March 31, 2024, compared to 118 as of December 31, 2023, and 121 as of March 31,
2023. |
· | Interest expense during the three months ended
March 31, 2024 was up slightly from the prior periods. The increase from both prior periods was primarily due to higher interest
on our redeemable financial instrument, partially offset by lower interest on our trust preferred securities debt and our bank credit
facility. |
· | Income from equity method affiliates for the
three months ended March 31, 2024 was $29.0 million, compared to income from equity method affiliates of $17.2 million for the prior
quarter and loss from equity method affiliates of $0.4 million for the prior year quarter. The increase in the current quarter was primarily
driven by $32.7 million of income from our equity method investments in the sponsors of six special purpose acquisition companies (SPACs)
that closed their business combinations during the first quarter of 2024, which resulted in an increase in value of the founder shares
to which we are entitled to an allocation from the sponsors. For the three months ended March 31, 2024, there was an offsetting credit
recorded in the net income (loss) attributable to the non-convertible non-controlling interest line item of $16.7 million related to the
six SPACs that closed their business combinations during the first quarter of 2024. |
· | Income tax expense for the three months ended
March 31, 2024 was $0.5 million, compared to income tax expense of $0.2 million in the prior quarter, and income tax expense of $0.6
million in the prior year quarter. The Company will continue to evaluate its operations on a quarterly basis and may adjust the valuation
allowance applied against the Company's net operating loss and net capital loss tax assets. Future adjustments could be material and may
result in additional tax benefit or tax expense. |
Total Equity and Dividend Declaration
· | As of March 31, 2024, total equity was $113.3
million, compared to $91.8 million as of December 31, 2023; the non-convertible non-controlling interest component of total equity
was $25.9 million as of March 31, 2024 and $9.6 million as of December 31, 2023. Thus, the total equity excluding the non-convertible
non-controlling interest component was $87.4 million as of March 31, 2024, a $5.2 million increase from $82.2 million as of December 31,
2023. |
· | The Company’s Board of Directors has declared
a quarterly dividend of $0.25 per share, payable on June 5, 2024, to stockholders of record as of May 20, 2024. The Board of
Directors will continue to evaluate the dividend policy each quarter, and future decisions regarding dividends may be impacted by quarterly
operating results and the Company’s capital needs. |
Conference Call
The Company will host a conference call at 10:00
a.m. Eastern Time (ET), today, May 6, 2024, to discuss these results. The conference call will be available via webcast. Interested
parties can access the webcast by clicking the webcast link on the Company’s homepage at www.cohenandcompany.com. Those wishing
to listen to the conference call with operator assistance can dial (877) 524-8416 (domestic) or +1 (412) 902-1028 (international). A replay
of the call will be available for three days following the call by dialing (877) 660-6853 or (201) 612-7415, with participant passcode
13738623.
About Cohen & Company
Cohen & Company is a financial services
company specializing in an expanding range of capital markets and asset management services. Cohen & Company’s operating
segments are Capital Markets, Asset Management, and Principal Investing. The Capital Markets segment consists of fixed income sales,
trading, and gestation repo financing as well as new issue placements in corporate and securitized products, and advisory services, operating
primarily through Cohen & Company’s subsidiaries, J.V.B. Financial Group, LLC in the United States and Cohen &
Company Financial (Europe) S.A. in Europe. A division of JVB, Cohen & Company Capital Markets is the Company’s leading
boutique investment bank that provides innovative strategic and financial advice in M&A, capital markets, and SPAC advisory. The
Asset Management segment manages assets through collateralized debt obligations, managed accounts, and investment funds. As of March 31,
2024, the Company managed approximately $2.3 billion in primarily fixed income assets in a variety of asset classes including US and
European trust preferred securities, subordinated debt, and corporate loans. The Principal Investing segment is comprised primarily of
investments the Company holds related to its SPAC franchise and other investments the Company has made for the purpose of earning an
investment return rather than investments made to support its trading or other capital markets business activity. For more information,
please visit www.cohenandcompany.com.
Note 1: Adjusted pre-tax income (loss)
and adjusted pre-tax income (loss) per share are non-GAAP measures of performance. Please see the discussion under “Non-GAAP Measures”
below. Also see the tables below for the reconciliations of non-GAAP measures of performance to their corresponding GAAP measures of performance.
Forward-looking Statements
This communication contains certain statements,
estimates, and forecasts with respect to future performance and events. These statements, estimates, and forecasts are “forward-looking
statements.” In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,”
“might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “seek,” or “continue” or the negatives
thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this communication
are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks,
uncertainties, and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated
trends in our business. These statements are 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 the results, level
of activity, performance, or achievements expressed or implied in the forward-looking statements including, but not limited to, those
discussed under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition”
in our filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at www.sec.gov
and our website at www.cohenandcompany.com/investor-relations/sec-filings. Such risk factors include the following: (a) a decline
in general economic conditions or the global financial markets, including those caused by inflation, raising interest rates, and the current
geopolitical situation, (b) losses caused by financial or other problems experienced by third parties, (c) losses due to unidentified
or unanticipated risks, (d) a lack of liquidity, i.e., ready access to funds for use in our businesses, (e) the ability to attract
and retain personnel, (f) litigation and regulatory issues, (g) competitive pressure, (h) an inability to generate incremental
income from new or expanded businesses, (i) unanticipated market closures or effects due to inclement weather or other disasters,
(j) losses (whether realized or unrealized) on our principal investments, (k) the possibility that payments to the Company of
subordinated management fees from its CDOs will continue to be deferred or will be discontinued, (l) the possibility that the Company’s
stockholder rights plan may fail to preserve the value of the Company’s deferred tax assets, whether as a result of the acquisition
by a person of 5% of the Company’s common stock or otherwise, (m) the Company’s reduction in the volume of its investments
into SPACs, (n) the difficulty in identifying potential business combinations as a result of increased competition in the SPAC market,
(o) the value of our holdings of founders shares in post-business combination companies is volatile and may decline and the possibility
that significant portions of the founder shares may remain restricted for a long period of time, (p) the possibility that the Company
will stop paying quarterly dividends to its stockholders, (q) the possibility that the Company will incur additional losses liquidating
collateral related to a reverse repo with now bankrupt First Guaranty Mortgage Corporation, and (r) the impacts of rising interest
rates and inflation. As a result, there can be no assurance that the forward-looking statements included in this communication will prove
to be accurate or correct. In light of these risks, uncertainties, and assumptions, the future performance or events described in the
forward-looking statements in this communication might not occur. Accordingly, you should not rely upon forward-looking statements as
a prediction of actual results and we do not undertake any obligation to update any forward-looking statements, whether as a result of
new information, future events, or otherwise.
Cautionary Note Regarding Quarterly Financial Results
Due to the nature of our business, our revenue
and operating results may fluctuate materially from quarter to quarter. Accordingly, revenue and net income in any particular quarter
may not be indicative of future results. Further, our employee compensation arrangements are in large part incentive-based and, therefore,
will fluctuate with revenue. The amount of compensation expense recognized in any one quarter may not be indicative of such expense in
future periods. As a result, we suggest that annual results may be the most meaningful gauge for investors in evaluating our business
performance.
COHEN &
COMPANY INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in
thousands, except per share data)
| |
Three Months Ended | |
| |
3/31/24 | | |
12/31/23 | | |
3/31/23 | |
Revenues | |
| | | |
| | | |
| | |
Net trading | |
$ | 9,848 | | |
$ | 7,809 | | |
$ | 8,210 | |
Asset management | |
| 2,717 | | |
| 1,919 | | |
| 2,025 | |
New issue and advisory | |
| 24,388 | | |
| 18,722 | | |
| 900 | |
Principal transactions and other revenue | |
| (18,389 | ) | |
| 6,014 | | |
| (2,311 | ) |
Total revenues | |
| 18,564 | | |
| 34,464 | | |
| 8,824 | |
Operating expenses | |
| | | |
| | | |
| | |
Compensation and benefits | |
| 14,839 | | |
| 16,335 | | |
| 10,537 | |
Business development, occupancy, equipment | |
| 1,441 | | |
| 1,317 | | |
| 1,301 | |
Subscriptions, clearing, and execution | |
| 2,086 | | |
| 2,088 | | |
| 2,125 | |
Professional services and other operating | |
| 3,449 | | |
| 3,145 | | |
| 2,200 | |
Depreciation and amortization | |
| 124 | | |
| 130 | | |
| 144 | |
Total operating expenses | |
| 21,939 | | |
| 23,015 | | |
| 16,307 | |
Operating income (loss) | |
| (3,375 | ) | |
| 11,449 | | |
| (7,483 | ) |
Non-operating income (expense) | |
| | | |
| | | |
| | |
Interest expense, net | |
| (1,666 | ) | |
| (1,619 | ) | |
| (1,592 | ) |
Income (loss) from equity method affiliates | |
| 29,045 | | |
| 17,217 | | |
| (395 | ) |
Income (loss) before income tax expense (benefit) | |
| 24,004 | | |
| 27,047 | | |
| (9,470 | ) |
Income tax expense (benefit) | |
| 498 | | |
| 166 | | |
| 584 | |
Net income (loss) | |
| 23,506 | | |
| 26,881 | | |
| (10,054 | ) |
Less: Net income (loss) attributable to the non-convertible non-controlling interest | |
| 16,270 | | |
| 11,054 | | |
| 97 | |
Enterprise net income (loss) | |
| 7,236 | | |
| 15,827 | | |
| (10,151 | ) |
Less: Net income (loss) attributable to the convertible non-controlling interest | |
| 5,213 | | |
| 11,279 | | |
| (7,514 | ) |
Net income (loss) attributable to Cohen & Company Inc. | |
$ | 2,023 | | |
$ | 4,548 | | |
$ | (2,637 | ) |
| |
| | | |
| | | |
| | |
Earnings per share | |
| | | |
| | | |
| | |
Basic | |
| | | |
| | | |
| | |
Net income (loss) attributable to Cohen & Company Inc. | |
$ | 2,023 | | |
$ | 4,548 | | |
$ | (2,637 | ) |
Basic shares outstanding | |
| 1,581 | | |
| 1,522 | | |
| 1,489 | |
Net income (loss) attributable to Cohen & Company Inc. per share | |
$ | 1.28 | | |
$ | 2.99 | | |
$ | (1.77 | ) |
| |
| | | |
| | | |
| | |
Fully Diluted | |
| | | |
| | | |
| | |
Net income (loss) attributable to Cohen & Company Inc. | |
$ | 2,023 | | |
$ | 4,548 | | |
$ | (2,637 | ) |
Net income (loss) attributable to the convertible non-controlling interest | |
| 5,213 | | |
| - | | |
| (7,514 | ) |
Income tax and conversion adjustment | |
| (31 | ) | |
| - | | |
| 435 | |
Net income (loss) attributable to Cohen & Company Inc. for fully diluted net income (loss) per share calculation | |
$ | 7,205 | | |
$ | 4,548 | | |
$ | (9,716 | ) |
| |
| | | |
| | | |
| | |
Basic shares outstanding | |
| 1,581 | | |
| 1,522 | | |
| 1,489 | |
Unrestricted Operating LLC membership units exchangeable into COHN shares | |
| 4,052 | | |
| - | | |
| 3,998 | |
Additional dilutive shares | |
| 12 | | |
| 9 | | |
| - | |
Fully diluted shares outstanding (1) | |
| 5,645 | | |
| 1,531 | | |
| 5,487 | |
Fully diluted net income (loss) per share | |
$ | 1.28 | | |
$ | 2.97 | | |
$ | (1.77 | ) |
| |
| | | |
| | | |
| | |
Reconciliation of adjusted pre-tax income (loss) to net income (loss) attributable to Cohen & Company Inc. and calculations of per share amounts | |
| | | |
| | | |
| | |
Net income (loss) attributable to Cohen & Company Inc. | |
$ | 2,023 | | |
$ | 4,548 | | |
$ | (2,637 | ) |
Addback (deduct): Income tax expense (benefit) | |
| 498 | | |
| 166 | | |
| 584 | |
Addback (deduct): Net income (loss) attributable to the convertible non-controlling interest | |
| 5,213 | | |
| 11,279 | | |
| (7,514 | ) |
Adjusted pre-tax income (loss) | |
$ | 7,734 | | |
$ | 15,993 | | |
$ | (9,567 | ) |
| |
| | | |
| | | |
| | |
Adjusted fully diluted shares outstanding (2) | |
| 5,645 | | |
| 5,546 | | |
| 5,505 | |
Fully diluted adjusted pre-tax income (loss) per share | |
$ | 1.37 | | |
$ | 2.88 | | |
$ | (1.74 | ) |
(1) When
the fully diluted net income (loss) per share is anti-dilutive, the basic shares outstanding are presented on this line item.
(2) Adjusted fully diluted shares outstanding includes (a) weighted average unrestricted and restricted Operating LLC units exchangeable into COHN shares and (b) weighted average unrestricted and restricted shares, even during periods when the corresponding GAAP calculation of fully diluted shares outstanding above does not include them. The Operating LLC units are always included because the non-GAAP measure of performance, adjusted pre-tax income (loss), always includes net income (loss) attributable to the corresponding convertible interest.
COHEN & COMPANY INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
| |
March 31, 2024 | | |
| |
| |
(unaudited) | | |
December 31, 2023 | |
Assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 11,829 | | |
$ | 10,650 | |
Receivables from brokers, dealers, and clearing agencies | |
| 68,105 | | |
| 66,801 | |
Due from related parties | |
| 998 | | |
| 772 | |
Other receivables | |
| 6,784 | | |
| 5,373 | |
Investments - trading | |
| 165,903 | | |
| 181,328 | |
Other investments, at fair value | |
| 59,533 | | |
| 72,217 | |
Receivables under resale agreements | |
| 692,438 | | |
| 408,408 | |
Investment in equity method affiliates | |
| 43,281 | | |
| 14,241 | |
Deferred income taxes | |
| 1,639 | | |
| 1,580 | |
Goodwill | |
| 109 | | |
| 109 | |
Right-of-use asset - operating leases | |
| 7,000 | | |
| 7,541 | |
Other assets | |
| 3,706 | | |
| 3,741 | |
Total assets | |
$ | 1,061,325 | | |
$ | 772,761 | |
| |
| | | |
| | |
Liabilities | |
| | | |
| | |
Payables to brokers, dealers, and clearing agencies | |
$ | 110,856 | | |
$ | 111,085 | |
Accounts payable and other liabilities | |
| 10,104 | | |
| 8,115 | |
Accrued compensation | |
| 13,176 | | |
| 17,268 | |
Trading securities sold, not yet purchased | |
| 57,115 | | |
| 65,751 | |
Other investments sold, not yet purchased, at fair value | |
| 20,217 | | |
| 24,742 | |
Securities sold under agreements to repurchase | |
| 690,900 | | |
| 408,203 | |
Due to related parties | |
| 437 | | |
| - | |
Operating lease liability | |
| 7,632 | | |
| 8,216 | |
Redeemable financial instruments | |
| 7,868 | | |
| 7,868 | |
Debt | |
| 29,697 | | |
| 29,716 | |
Total liabilities | |
| 948,002 | | |
| 680,964 | |
| |
| | | |
| | |
Equity | |
| | | |
| | |
Voting non-convertible preferred stock | |
| 27 | | |
| 27 | |
Common stock | |
| 19 | | |
| 19 | |
Additional paid-in capital | |
| 75,314 | | |
| 74,594 | |
Accumulated other comprehensive loss | |
| (969 | ) | |
| (944 | ) |
Accumulated deficit | |
| (30,638 | ) | |
| (32,014 | ) |
Total stockholders' equity | |
| 43,753 | | |
| 41,682 | |
Non-controlling interest | |
| 69,570 | | |
| 50,115 | |
Total equity | |
| 113,323 | | |
| 91,797 | |
Total liabilities and equity | |
$ | 1,061,325 | | |
$ | 772,761 | |
Non-GAAP Measures
Adjusted pre-tax income (loss) and adjusted
pre-tax income (loss) per diluted share
Adjusted pre-tax income (loss) is not a financial
measure recognized by GAAP. Adjusted pre-tax income (loss) represents net income (loss) attributable to Cohen & Company Inc.,
computed in accordance with GAAP, excluding income tax expense (benefit), plus the net income (loss) attributable to the convertible non-controlling
interest. Income tax expense (benefit) has been excluded because a pre-tax measurement of enterprise earnings that includes net income
(loss) attributable to the convertible non-controlling interest is a useful and appropriate measure of performance. Furthermore, our income
tax expense (benefit) has been, and we expect it will continue to be, a substantially non-cash item for the foreseeable future, generated
from adjustments in our valuation allowance applied to the Company’s gross deferred tax assets. Convertible non-controlling interest
is added back to adjusted pre-tax income because the underlying Cohen & Company, LLC equity units are convertible into Cohen &
Company Inc. shares. Adjusted pre-tax income (loss) per diluted share is calculated by dividing adjusted pre-tax income (loss) by diluted
shares outstanding, both of which include adjustments used in the corresponding calculation in accordance with GAAP.
We present adjusted pre-tax income (loss) and
related per diluted share amounts in this release because we consider them to be useful and appropriate supplemental measures of our performance.
Adjusted pre-tax income (loss) and related per diluted share amounts help us to evaluate our performance without the effects of certain
GAAP calculations that may not have a direct cash or recurring impact on our current operating performance. In addition, our management
uses adjusted pre-tax income (loss) and related per diluted share amounts to evaluate the performance of our enterprise operations. Adjusted
pre-tax income (loss) and related per diluted share amounts, as we define them, are not necessarily comparable to similarly named measures
of other companies and may not be appropriate measures for performance relative to other companies. Adjusted pre-tax income (loss) should
not be assessed in isolation from or construed as a substitute for net income (loss) attributable to Cohen & Company Inc. prepared
in accordance with GAAP. Adjusted pre-tax income (loss) is not intended to represent and should not be considered to be a more meaningful
measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.
Contact:
Investors - |
|
Media - |
Cohen & Company Inc. |
|
Joele Frank, Wilkinson Brimmer Katcher |
Joseph W. Pooler, Jr. |
|
Joseph Sala or Zach Genirs |
Executive Vice President and |
|
212-355-4449 |
Chief Financial Officer |
|
|
215-701-8952 |
|
|
investorrelations@cohenandcompany.com |
|
|
v3.24.1.u1
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May 06, 2024 |
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Cohen
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