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 second quarter ended June 30, 2024.
Summary Operating Results
|
|
|
Three Months Ended |
|
Six Months Ended |
($ in
thousands) |
6/30/24 |
|
3/31/24 |
|
6/30/23 |
|
6/30/24 |
|
6/30/23 |
|
|
|
|
|
|
|
|
|
|
Net trading |
$ |
8,798 |
|
|
$ |
9,848 |
|
|
$ |
7,416 |
|
|
$ |
18,646 |
|
|
$ |
15,626 |
|
Asset
management |
|
2,078 |
|
|
|
2,717 |
|
|
|
1,605 |
|
|
|
4,795 |
|
|
|
3,630 |
|
New issue
and advisory |
|
6,500 |
|
|
|
24,388 |
|
|
|
1,395 |
|
|
|
30,888 |
|
|
|
2,295 |
|
Principal
transactions and other revenue |
|
(6,578 |
) |
|
|
(18,389 |
) |
|
|
12,156 |
|
|
|
(24,967 |
) |
|
|
9,845 |
|
Total revenues |
|
10,798 |
|
|
|
18,564 |
|
|
|
22,572 |
|
|
|
29,362 |
|
|
|
31,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation
and benefits |
|
10,699 |
|
|
|
14,839 |
|
|
|
10,001 |
|
|
|
25,538 |
|
|
|
20,538 |
|
Non-compensation operating expenses |
|
6,466 |
|
|
|
7,100 |
|
|
|
5,572 |
|
|
|
13,566 |
|
|
|
11,342 |
|
Operating income (loss) |
|
(6,367 |
) |
|
|
(3,375 |
) |
|
|
6,999 |
|
|
|
(9,742 |
) |
|
|
(484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
(1,425 |
) |
|
|
(1,666 |
) |
|
|
(1,630 |
) |
|
|
(3,091 |
) |
|
|
(3,222 |
) |
Income
(loss) from equity method affiliates |
|
(5,996 |
) |
|
|
29,045 |
|
|
|
(511 |
) |
|
|
23,049 |
|
|
|
(906 |
) |
Income (loss) before income tax expense (benefit) |
|
(13,788 |
) |
|
|
24,004 |
|
|
|
4,858 |
|
|
|
10,216 |
|
|
|
(4,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit) |
|
(205 |
) |
|
|
498 |
|
|
|
5,550 |
|
|
|
293 |
|
|
|
6,134 |
|
Net income (loss) |
|
(13,583 |
) |
|
|
23,506 |
|
|
|
(692 |
) |
|
|
9,923 |
|
|
|
(10,746 |
) |
Less: Net income (loss) attributable to the non-convertible
non-controlling interest |
|
(5,206 |
) |
|
|
16,270 |
|
|
|
6,503 |
|
|
|
11,064 |
|
|
|
6,600 |
|
Enterprise net income (loss) |
|
(8,377 |
) |
|
|
7,236 |
|
|
|
(7,195 |
) |
|
|
(1,141 |
) |
|
|
(17,346 |
) |
Less: Net income (loss) attributable to the convertible
non-controlling interest |
|
(6,028 |
) |
|
|
5,213 |
|
|
|
(594 |
) |
|
|
(815 |
) |
|
|
(8,108 |
) |
Net income (loss) attributable to Cohen & Company Inc. |
$ |
(2,349 |
) |
|
$ |
2,023 |
|
|
$ |
(6,601 |
) |
|
$ |
(326 |
) |
|
$ |
(9,238 |
) |
Fully diluted net income (loss) per share |
$ |
(1.47 |
) |
|
$ |
1.28 |
|
|
$ |
(4.34 |
) |
|
$ |
(0.20 |
) |
|
$ |
(6.14 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted
pre-tax income (loss) (1) |
$ |
(8,582 |
) |
|
$ |
7,734 |
|
|
$ |
(1,645 |
) |
|
$ |
(848 |
) |
|
$ |
(11,212 |
) |
Fully
diluted adjusted pre-tax income (loss) per share |
$ |
(1.51 |
) |
|
$ |
1.37 |
|
|
$ |
(0.30 |
) |
|
$ |
(0.15 |
) |
|
$ |
(2.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 were
pleased with the performance of our full-service boutique
investment banking operation, Cohen & Company Capital Markets
(“CCM”), which generated $6.4 million of advisory revenue and acted
as lead bookrunner on two SPAC IPOs. CCM has grown to 24
professionals, and we intend to continue to opportunistically add
investment banking professionals to our CCM team. We are optimistic
about CCM’s pipeline and look forward to consistent CCM production
through the end of the year.
While our second quarter results were weakened
by the impact of ongoing unfavorable mark-to-market adjustments on
our principal investing portfolio, we are pleased to have improved
the Company’s performance at the adjusted pre-tax loss line by
$10.4 million year-to-date versus 2023. We remain confident about
our future earnings potential and are focused on enhancing
long-term, sustained value for our stockholders, including through
continued payment of our quarterly dividend.”
Financial Highlights
- Net loss attributable to Cohen & Company Inc. was $2.3
million, or $1.47 per diluted share, for the three months ended
June 30, 2024, compared to net income of $2.0 million, or $1.28 per
diluted share, for the three months ended March 31, 2024, and net
loss of $6.6 million, or $4.34 per diluted share, for the three
months ended June 30, 2023. Adjusted pre-tax loss was $8.6 million,
or $1.51 per diluted share, for the three months ended June 30,
2024, compared to adjusted pre-tax income of $7.7 million, or $1.37
per diluted share, for the three months ended March 31, 2024, and
adjusted pre-tax loss of $1.6 million, or $0.30 per diluted share,
for the three months ended June 30, 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 $10.8 million for the three months ended June 30,
2024, compared to $18.6 million for the prior quarter and $22.6
million for the prior year quarter.
- Net trading revenue was $8.8 million for the three months ended
June 30, 2024, down $1.1 million from the prior quarter and up $1.4
million from the prior year quarter. The decrease from the prior
quarter was due primarily to lower trading revenue from our
corporate group, partially offset by higher trading revenue from
our mortgage and new middle markets groups. The increase from the
prior year quarter was due primarily to higher trading revenue from
our agency, mortgage, and new middle markets groups.
- Asset management revenue was $2.1 million for the three months
ended June 30, 2024, down $0.6 million from the prior quarter and
up $0.5 million from the prior year quarter. The change from both
prior quarters was related primarily to deferred performance fees
in one of our European funds.
- New issue and advisory revenue was $6.5 million for the three
months ended June 30, 2024, down $17.9 million from the prior
quarter and up $5.1 million from the prior year quarter.
- Principal transactions and other revenue was negative $6.6
million for the three months ended June 30, 2024, compared to
negative $18.4 million in the prior quarter and positive $12.2
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
June 30, 2024 decreased $4.1 million from the prior quarter and
increased $0.7 million from the prior year quarter. The number of
Company employees was 121 as of June 30, 2024, compared to 116 as
of March 31, 2024, and 117 as of June 30, 2023.
- Interest expense during the three months ended June 30, 2024
was down $0.2 million from both the prior periods. The decrease
from the prior quarter was primarily due to lower interest on our
redeemable financial instrument, and the decrease from the prior
year quarter was primarily due to lower interest on our trust
preferred securities debt and our bank credit facility.
- Loss from equity method affiliates for the three months ended
June 30, 2024 was $6.0 million, compared to income from equity
method affiliates of $29.0 million for the prior quarter and loss
from equity method affiliates of $0.5 million for the prior year
quarter. Income (loss) from equity method affiliates fluctuates
primarily depending on the timing of the closing of the business
combinations by the Company’s equity method investees that are
sponsors of SPACs, which typically results in changes to the value
of founder shares allocable to the Company by the SPAC
sponsors.
- Income tax benefit for the three months ended June 30, 2024 was
$0.2 million, compared to income tax expense of $0.5 million in the
prior quarter, and income tax expense of $5.6 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 June 30, 2024, total equity was $95.6 million, compared
to $91.8 million as of December 31, 2023; the non-convertible
non-controlling interest component of total equity was $17.1
million as of June 30, 2024 and $9.6 million as of December 31,
2023. Thus, the total equity excluding the non-convertible
non-controlling interest component was $78.5 million as of June 30,
2024, a $3.7 million decrease 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 September 5, 2024, to
stockholders of record as of August 22, 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 11:00
a.m. Eastern Time (ET), today, August 5, 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 13748222.
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 June 30,
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 the Company’s 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 |
|
Six Months Ended |
|
|
|
6/30/24 |
|
3/31/24 |
|
6/30/23 |
|
6/30/24 |
|
6/30/23 |
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Net trading |
$ |
8,798 |
|
|
$ |
9,848 |
|
|
$ |
7,416 |
|
|
$ |
18,646 |
|
|
$ |
15,626 |
|
|
|
Asset management |
|
2,078 |
|
|
|
2,717 |
|
|
|
1,605 |
|
|
|
4,795 |
|
|
|
3,630 |
|
|
|
New issue and advisory |
|
6,500 |
|
|
|
24,388 |
|
|
|
1,395 |
|
|
|
30,888 |
|
|
|
2,295 |
|
|
|
Principal transactions and other revenue |
|
(6,578 |
) |
|
|
(18,389 |
) |
|
|
12,156 |
|
|
|
(24,967 |
) |
|
|
9,845 |
|
|
|
Total revenues |
|
10,798 |
|
|
|
18,564 |
|
|
|
22,572 |
|
|
|
29,362 |
|
|
|
31,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
10,699 |
|
|
|
14,839 |
|
|
|
10,001 |
|
|
|
25,538 |
|
|
|
20,538 |
|
|
|
Business development, occupancy, equipment |
|
1,591 |
|
|
|
1,441 |
|
|
|
1,318 |
|
|
|
3,032 |
|
|
|
2,619 |
|
|
|
Subscriptions, clearing, and execution |
|
2,217 |
|
|
|
2,086 |
|
|
|
2,343 |
|
|
|
4,303 |
|
|
|
4,468 |
|
|
|
Professional services and other operating |
|
2,533 |
|
|
|
3,449 |
|
|
|
1,762 |
|
|
|
5,982 |
|
|
|
3,962 |
|
|
|
Depreciation and amortization |
|
125 |
|
|
|
124 |
|
|
|
149 |
|
|
|
249 |
|
|
|
293 |
|
|
|
Total operating expenses |
|
17,165 |
|
|
|
21,939 |
|
|
|
15,573 |
|
|
|
39,104 |
|
|
|
31,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
(6,367 |
) |
|
|
(3,375 |
) |
|
|
6,999 |
|
|
|
(9,742 |
) |
|
|
(484 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1,425 |
) |
|
|
(1,666 |
) |
|
|
(1,630 |
) |
|
|
(3,091 |
) |
|
|
(3,222 |
) |
|
|
Income (loss) from equity method affiliates |
|
(5,996 |
) |
|
|
29,045 |
|
|
|
(511 |
) |
|
|
23,049 |
|
|
|
(906 |
) |
|
|
Income (loss) before income tax expense (benefit) |
|
(13,788 |
) |
|
|
24,004 |
|
|
|
4,858 |
|
|
|
10,216 |
|
|
|
(4,612 |
) |
|
|
Income tax expense (benefit) |
|
(205 |
) |
|
|
498 |
|
|
|
5,550 |
|
|
|
293 |
|
|
|
6,134 |
|
|
|
Net income (loss) |
|
(13,583 |
) |
|
|
23,506 |
|
|
|
(692 |
) |
|
|
9,923 |
|
|
|
(10,746 |
) |
|
|
Less: Net income (loss) attributable to the non-convertible
non-controlling interest |
|
(5,206 |
) |
|
|
16,270 |
|
|
|
6,503 |
|
|
|
11,064 |
|
|
|
6,600 |
|
|
|
Enterprise net income (loss) |
|
(8,377 |
) |
|
|
7,236 |
|
|
|
(7,195 |
) |
|
|
(1,141 |
) |
|
|
(17,346 |
) |
|
|
Less: Net income (loss) attributable to the convertible
non-controlling interest |
|
(6,028 |
) |
|
|
5,213 |
|
|
|
(594 |
) |
|
|
(815 |
) |
|
|
(8,108 |
) |
|
|
Net income (loss) attributable to Cohen & Company Inc. |
$ |
(2,349 |
) |
|
$ |
2,023 |
|
|
$ |
(6,601 |
) |
|
$ |
(326 |
) |
|
$ |
(9,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share |
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Cohen & Company Inc. |
$ |
(2,349 |
) |
|
$ |
2,023 |
|
|
$ |
(6,601 |
) |
|
$ |
(326 |
) |
|
$ |
(9,238 |
) |
|
|
Basic shares
outstanding |
|
1,616 |
|
|
|
1,581 |
|
|
|
1,520 |
|
|
|
1,599 |
|
|
|
1,505 |
|
|
|
Net income
(loss) attributable to Cohen & Company Inc. per share |
$ |
(1.45 |
) |
|
$ |
1.28 |
|
|
$ |
(4.34 |
) |
|
$ |
(0.20 |
) |
|
$ |
(6.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fully
Diluted |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) attributable to Cohen & Company Inc. |
$ |
(2,349 |
) |
|
$ |
2,023 |
|
|
$ |
(6,601 |
) |
|
$ |
(326 |
) |
|
$ |
(9,238 |
) |
|
|
Net income
(loss) attributable to the convertible non-controlling
interest |
|
(6,028 |
) |
|
|
5,213 |
|
|
|
- |
|
|
|
(815 |
) |
|
|
- |
|
|
|
Income tax
and conversion adjustment |
|
18 |
|
|
|
(31 |
) |
|
|
- |
|
|
|
(13 |
) |
|
|
- |
|
|
|
Net income
(loss) attributable to Cohen & Company Inc. for fully diluted
net income (loss) per share calculation |
$ |
(8,359 |
) |
|
$ |
7,205 |
|
|
$ |
(6,601 |
) |
|
$ |
(1,154 |
) |
|
$ |
(9,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares
outstanding |
|
1,616 |
|
|
|
1,581 |
|
|
|
1,520 |
|
|
|
1,599 |
|
|
|
1,505 |
|
|
|
Unrestricted
Operating LLC membership units exchangeable into COHN shares |
|
4,066 |
|
|
|
4,052 |
|
|
|
- |
|
|
|
4,059 |
|
|
|
- |
|
|
|
Additional
dilutive shares |
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Fully
diluted shares outstanding (1) |
|
5,682 |
|
|
|
5,645 |
|
|
|
1,520 |
|
|
|
5,658 |
|
|
|
1,505 |
|
|
|
Fully
diluted net income (loss) per share |
$ |
(1.47 |
) |
|
$ |
1.28 |
|
|
$ |
(4.34 |
) |
|
$ |
(0.20 |
) |
|
$ |
(6.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
$ |
(2,349 |
) |
|
$ |
2,023 |
|
|
$ |
(6,601 |
) |
|
$ |
(326 |
) |
|
$ |
(9,238 |
) |
|
|
Addback
(deduct): Income tax expense (benefit) |
|
(205 |
) |
|
|
498 |
|
|
|
5,550 |
|
|
|
293 |
|
|
|
6,134 |
|
|
|
Addback
(deduct): Net income (loss) attributable to the convertible
non-controlling interest |
|
(6,028 |
) |
|
|
5,213 |
|
|
|
(594 |
) |
|
|
(815 |
) |
|
|
(8,108 |
) |
|
|
Adjusted
pre-tax income (loss) |
$ |
(8,582 |
) |
|
$ |
7,734 |
|
|
$ |
(1,645 |
) |
|
$ |
(848 |
) |
|
$ |
(11,212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
fully diluted shares outstanding (2) |
|
5,682 |
|
|
|
5,645 |
|
|
|
5,535 |
|
|
|
5,658 |
|
|
|
5,520 |
|
|
|
Fully
diluted adjusted pre-tax income (loss) per share |
$ |
(1.51 |
) |
|
$ |
1.37 |
|
|
$ |
(0.30 |
) |
|
$ |
(0.15 |
) |
|
$ |
(2.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
|
|
|
(unaudited) |
|
December 31, 2023 |
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
9,575 |
|
|
$ |
10,650 |
|
|
|
Receivables from brokers, dealers, and clearing agencies |
|
60,317 |
|
|
|
66,801 |
|
|
|
Due from related parties |
|
994 |
|
|
|
772 |
|
|
|
Other receivables |
|
7,851 |
|
|
|
5,373 |
|
|
|
Investments - trading |
|
122,979 |
|
|
|
181,328 |
|
|
|
Other investments, at fair value |
|
40,331 |
|
|
|
72,217 |
|
|
|
Receivables under resale agreements |
|
541,955 |
|
|
|
408,408 |
|
|
|
Investment in equity method affiliates |
|
29,178 |
|
|
|
14,241 |
|
|
|
Deferred income taxes |
|
1,630 |
|
|
|
1,580 |
|
|
|
Goodwill |
|
109 |
|
|
|
109 |
|
|
|
Right-of-use asset - operating leases |
|
6,596 |
|
|
|
7,541 |
|
|
|
Other assets |
|
4,498 |
|
|
|
3,741 |
|
|
|
Total assets |
$ |
826,013 |
|
|
$ |
772,761 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Payables to brokers, dealers, and clearing agencies |
$ |
67,080 |
|
|
$ |
111,085 |
|
|
|
Accounts payable and other liabilities |
|
7,283 |
|
|
|
8,115 |
|
|
|
Accrued compensation |
|
14,236 |
|
|
|
17,268 |
|
|
|
Trading securities sold, not yet purchased |
|
47,719 |
|
|
|
65,751 |
|
|
|
Other investments sold, not yet purchased, at fair value |
|
7,590 |
|
|
|
24,742 |
|
|
|
Securities sold under agreements to repurchase |
|
541,734 |
|
|
|
408,203 |
|
|
|
Operating lease liability |
|
7,196 |
|
|
|
8,216 |
|
|
|
Redeemable financial instruments |
|
7,868 |
|
|
|
7,868 |
|
|
|
Debt |
|
29,689 |
|
|
|
29,716 |
|
|
|
Total liabilities |
|
730,395 |
|
|
|
680,964 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Voting non-convertible preferred stock |
|
27 |
|
|
|
27 |
|
|
|
Common stock |
|
19 |
|
|
|
19 |
|
|
|
Additional paid-in capital |
|
75,993 |
|
|
|
74,594 |
|
|
|
Accumulated other comprehensive loss |
|
(977 |
) |
|
|
(944 |
) |
|
|
Accumulated deficit |
|
(33,397 |
) |
|
|
(32,014 |
) |
|
|
Total stockholders' equity |
|
41,665 |
|
|
|
41,682 |
|
|
|
Non-controlling interest |
|
53,953 |
|
|
|
50,115 |
|
|
|
Total equity |
|
95,618 |
|
|
|
91,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
$ |
826,013 |
|
|
$ |
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 |
|
Cohen & (AMEX:COHN)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Cohen & (AMEX:COHN)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024