Cowen Inc. (NASDAQ: COWN) (“Cowen” or “the Company”) today
announced its operating results for the second quarter ended
June 30, 2022.
Jeffrey M. Solomon, Chair and Chief Executive Officer of Cowen,
said, "Cowen delivered profitability in the second quarter in the
face of challenging market conditions, which is a testament to the
broad, resilient business we have built over the last several
years. We are focused on outperforming for our clients, providing
strategic advice, innovative financing solutions, world-class
investment research, advanced execution capabilities and
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 $39 for
each Class A common share of Cowen. The transaction is expected to
close in the first calendar quarter of 2023, and is subject to
customary closing conditions, including approvals from the
Company's shareholders and various U.S., Canadian and foreign
regulatory authorities. Post-closing, parts of the combined
business will be known as TD Cowen, a division of TD
Securities.
Second Quarter 2022 Financial
Summary
|
Operating Results (GAAP) |
|
Economic Operating Income (Non-GAAP) |
|
Three Months Ended June 30, |
|
Three Months Ended June 30, |
($ in millions, except per share information) |
|
2022 |
|
|
2021 |
|
Δ % |
|
|
2022 |
|
|
2021 |
|
Δ % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue/Economic Proceeds
(Non-GAAP) |
$ |
302.4 |
|
$ |
458.8 |
|
(34)% |
|
$ |
268.6 |
|
$ |
390.1 |
|
(31)% |
Net income (loss) attributable
to common stockholders for diluted earnings per share/Economic
Operating Income (Non-GAAP) |
$ |
12.4 |
|
$ |
43.6 |
|
(72)% |
|
$ |
3.7 |
|
$ |
50.8 |
|
(93)% |
Earnings (loss) per common
share (diluted) |
$ |
0.41 |
|
$ |
1.29 |
|
(68)% |
|
$ |
0.12 |
|
$ |
1.50 |
|
(92)% |
|
|
|
|
|
|
|
|
|
|
|
|
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." |
Second Quarter 2022 Operating Financial
Highlights
- Sustained Performance in Markets :
- Brokerage Economic Proceeds of $2.95 million/trading day in
2Q'22, up 5% year-over-year and above FY'21 average
- Strong growth in cash trading, non-US execution, derivatives
and swaps trading
- Prime Services revenues steady, as outsourced trading momentum
offsets challenging market conditions
- Solid Investment Banking performance:
- Strong Capital Markets Advisory revenues helped offset weaker
equity issuance and M&A completions
- Demonstrated industry coverage strength in healthcare,
industrials and TMT
- Year-over-Year Growth in Assets Under
Management
- As of June 30, 2022, the Company had AUM of $14.7 billion,
up 2%, or $0.3 billion, from June 30, 2021
- Management fees economic proceeds were $20.4 million, up 13%
from 2Q'21
- Invested Capital:
- As of June 30, 2022, the Company had invested capital in
Op Co totaling $745.7 million, up from $723.2 million as of March
31, 2022
- As of June 30, 2022, the Company had invested capital in
Asset Co totaling $115.5 million, down from $119.6 million as of
March 31, 2022
- The largest Asset Co investments are the investment in Italian
wireless broadband provider Linkem S.p.A ($77.7 million excluding
carried interest) and private equity funds Formation8/Eclipse
($27.3 million)
Capital Optimization Update
In the second quarter of 2022, the Company repurchased $3.3
million of its common stock, or 120,700 shares, at an average price
of $27.24 per share under the Company's existing share repurchase
program. Outside the share repurchase program, the Company acquired
approximately $4.3 million of stock as a result of net share
settlements relating to the vesting of equity awards, or 177,050
shares, at an average price of $24.17 per share. Share repurchases
were limited by compliance-related blackout restrictions during the
second quarter of 2022. Approximately $28.7 million is currently
available for repurchase under the program.
Quarterly Cash Dividend
On July 20, 2022, the Board of Directors declared a cash
dividend of $0.12 per common share. The dividend will be payable on
September 15, 2022, to stockholders of record on September 1,
2022.
Select Balance Sheet Data
(Amounts in millions, except per share information) |
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
Common equity (CE) |
$ |
1,047.2 |
|
$ |
1,015.9 |
|
|
|
|
Book
value per share (CE/CSO) |
$ |
37.67 |
|
$ |
36.57 |
|
|
|
|
Common
shares outstanding (CSO) |
|
27.8 |
|
|
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 |
|
Six Months Ended |
|
June 30 |
|
June 30 |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
|
|
|
|
|
|
|
Investment banking |
$ |
100,169 |
|
|
$ |
224,981 |
|
|
$ |
201,711 |
|
|
$ |
529,815 |
|
Brokerage |
|
154,656 |
|
|
|
139,060 |
|
|
|
323,394 |
|
|
|
312,797 |
|
Investment income (loss) |
|
|
|
|
|
|
|
Securities principal transactions, net |
|
31,542 |
|
|
|
40,572 |
|
|
|
122,794 |
|
|
|
104,537 |
|
Portfolio fund principal transactions, net |
|
(9,462 |
) |
|
|
(1,882 |
) |
|
|
(15,560 |
) |
|
|
13,521 |
|
Carried interest allocations |
|
(32,083 |
) |
|
|
(35,530 |
) |
|
|
(49,150 |
) |
|
|
61,239 |
|
Total investment income (loss) |
|
(10,003 |
) |
|
|
3,160 |
|
|
|
58,084 |
|
|
|
179,297 |
|
Management fees |
|
16,717 |
|
|
|
14,995 |
|
|
|
33,486 |
|
|
|
40,737 |
|
Incentive income |
|
— |
|
|
|
169 |
|
|
|
633 |
|
|
|
2,427 |
|
Interest and dividends |
|
48,545 |
|
|
|
62,173 |
|
|
|
94,880 |
|
|
|
121,561 |
|
Insurance and reinsurance premiums |
|
14,278 |
|
|
|
11,493 |
|
|
|
25,599 |
|
|
|
18,610 |
|
Other revenues, net |
|
(6,625 |
) |
|
|
2,031 |
|
|
|
(7,574 |
) |
|
|
3,690 |
|
Consolidated Funds revenues |
|
(15,324 |
) |
|
|
695 |
|
|
|
(17,208 |
) |
|
|
(2,652 |
) |
Total revenue |
|
302,413 |
|
|
|
458,757 |
|
|
|
713,005 |
|
|
|
1,206,282 |
|
Interest and dividends expense |
|
53,925 |
|
|
|
63,073 |
|
|
|
100,449 |
|
|
|
120,714 |
|
Total net revenue |
|
248,488 |
|
|
|
395,684 |
|
|
|
612,556 |
|
|
|
1,085,568 |
|
Expenses |
|
|
|
|
|
|
|
Employee compensation and benefits |
|
151,322 |
|
|
|
219,186 |
|
|
|
338,500 |
|
|
|
607,382 |
|
Insurance and reinsurance claims, commissions and amortization of
deferred acquisition costs |
|
3,171 |
|
|
|
5,216 |
|
|
|
10,514 |
|
|
|
11,671 |
|
Operating, general, administrative and other expenses |
|
85,381 |
|
|
|
104,001 |
|
|
|
186,182 |
|
|
|
200,077 |
|
Depreciation and amortization expense |
|
6,997 |
|
|
|
4,565 |
|
|
|
14,182 |
|
|
|
8,919 |
|
Consolidated Funds expenses |
|
54 |
|
|
|
124 |
|
|
|
159 |
|
|
|
395 |
|
Total expenses |
|
246,925 |
|
|
|
333,092 |
|
|
|
549,537 |
|
|
|
828,444 |
|
Other income
(loss) |
|
|
|
|
|
|
|
Net (losses) gains on other investments |
|
3,527 |
|
|
|
6,730 |
|
|
|
9,107 |
|
|
|
19,375 |
|
Bargain purchase gain, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,855 |
|
Gain/(loss) on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,538 |
) |
Total other income (loss) |
|
3,527 |
|
|
|
6,730 |
|
|
|
9,107 |
|
|
|
18,692 |
|
Income (loss) before income taxes |
|
5,090 |
|
|
|
69,322 |
|
|
|
72,126 |
|
|
|
275,816 |
|
Income tax
expense/(benefit) |
|
5,908 |
|
|
|
10,244 |
|
|
|
17,797 |
|
|
|
64,672 |
|
Net income (loss) |
|
(818 |
) |
|
|
59,078 |
|
|
|
54,329 |
|
|
|
211,144 |
|
Net income (loss) attributable
to non-controlling interests in consolidated subsidiaries and
funds |
|
(14,981 |
) |
|
|
13,755 |
|
|
|
5,150 |
|
|
|
18,317 |
|
Net income (loss)
attributable to Cowen Inc. |
|
14,163 |
|
|
|
45,323 |
|
|
|
49,179 |
|
|
|
192,827 |
|
Less: Preferred stock dividends |
|
1,698 |
|
|
|
1,698 |
|
|
|
3,396 |
|
|
|
3,396 |
|
Net income (loss)
attributable to Cowen Inc. common stockholders |
$ |
12,465 |
|
|
$ |
43,625 |
|
|
$ |
45,783 |
|
|
$ |
189,431 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.45 |
|
|
$ |
1.62 |
|
|
$ |
1.63 |
|
|
$ |
6.98 |
|
Diluted |
$ |
0.41 |
|
|
$ |
1.29 |
|
|
$ |
1.48 |
|
|
$ |
5.62 |
|
|
|
|
|
|
|
|
|
Weighted average
shares used in per share data: |
|
|
|
|
|
|
|
Basic |
|
27,897 |
|
|
|
26,903 |
|
|
|
28,138 |
|
|
|
27,130 |
|
Diluted |
|
30,153 |
|
|
|
33,858 |
|
|
|
30,899 |
|
|
|
33,703 |
|
U.S. GAAP Financial Measures
Second quarter 2022 revenue was $302.4 million versus $458.8
million in the second quarter of 2021. The year-over-year decrease
was due primarily to reduced investment banking activity, partially
offset by higher brokerage revenues.
Second quarter 2022 investment banking revenues decreased $124.8
million to $100.2 million. During the quarter, the Company
completed five underwriting transactions and 39 strategic advisory
transactions, including five debt capital markets transactions.
Second quarter 2022 brokerage revenues increased $15.6 million
to $154.7 million. The increase was attributable to a modest
increase in institutional brokerage activity.
Second quarter 2022 investment income decreased $13.2 million to
a loss of $10.0 million. The year-over-year decrease was primarily
due to portfolio fund investment losses and negative carried
interest allocations related to public positions in the healthcare
and sustainability strategies.
Second quarter 2022 employee compensation and benefits expenses
were $151.3 million, a decrease of $67.9 million from the
prior-year period. The decrease is primarily due to $156.3 million
lower total revenues, resulting in reduced compensation and
benefits accrual.
Second quarter 2022 total expenses were $246.9 million, a
decrease of $86.2 million from the prior-year period. The decrease
was primarily due to the reduced compensation and benefits
accrual.
Second quarter 2022 income tax expense was $5.9 million compared
to $10.2 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.
Second quarter 2022 net income attributable to common
stockholders was $12.5 million, down from $43.6 million in the
second 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.
Second Quarter 2022 Non-GAAP Financial
Review
Economic Proceeds
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 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 |
$ |
97,757 |
|
|
$ |
— |
|
|
$ |
97,757 |
|
|
$ |
214,427 |
|
|
$ |
— |
|
|
$ |
214,427 |
|
|
$ |
196,453 |
|
|
$ |
— |
|
|
$ |
196,453 |
|
|
$ |
507,914 |
|
$ |
— |
|
|
$ |
507,914 |
Brokerage |
|
181,935 |
|
|
|
62 |
|
|
|
181,997 |
|
|
|
175,845 |
|
|
|
— |
|
|
|
175,845 |
|
|
|
379,791 |
|
|
|
— |
|
|
|
379,791 |
|
|
|
397,692 |
|
|
— |
|
|
|
397,692 |
Management fees |
|
20,173 |
|
|
|
242 |
|
|
|
20,415 |
|
|
|
17,825 |
|
|
|
299 |
|
|
|
18,124 |
|
|
|
40,613 |
|
|
|
508 |
|
|
|
41,121 |
|
|
|
44,709 |
|
|
616 |
|
|
|
45,325 |
Incentive income |
|
(29,014 |
) |
|
|
(990 |
) |
|
|
(30,004 |
) |
|
|
(31,566 |
) |
|
|
514 |
|
|
|
(31,052 |
) |
|
|
(41,811 |
) |
|
|
(1,205 |
) |
|
|
(43,016 |
) |
|
|
78,359 |
|
|
(701 |
) |
|
|
77,658 |
Investment income (loss) |
|
(10,135 |
) |
|
|
203 |
|
|
|
(9,932 |
) |
|
|
5,595 |
|
|
|
(117 |
) |
|
|
5,478 |
|
|
|
12,091 |
|
|
|
1,610 |
|
|
|
13,701 |
|
|
|
37,514 |
|
|
2,973 |
|
|
|
40,487 |
Other economic proceeds |
|
8,404 |
|
|
|
— |
|
|
|
8,404 |
|
|
|
7,307 |
|
|
|
— |
|
|
|
7,307 |
|
|
|
12,223 |
|
|
|
1 |
|
|
|
12,224 |
|
|
|
8,471 |
|
|
(1 |
) |
|
|
8,470 |
Total: Economic
Proceeds |
|
269,120 |
|
|
|
(483 |
) |
|
|
268,637 |
|
|
|
389,433 |
|
|
|
696 |
|
|
|
390,129 |
|
|
|
599,360 |
|
|
|
914 |
|
|
|
600,274 |
|
|
|
1,074,659 |
|
|
2,887 |
|
|
|
1,077,546 |
Economic Interest Expense / (Income) |
|
4,339 |
|
|
|
618 |
|
|
|
4,957 |
|
|
|
7,423 |
|
|
|
1,174 |
|
|
|
8,597 |
|
|
|
(4,170 |
) |
|
|
(800 |
) |
|
|
(4,970 |
) |
|
|
13,366 |
|
|
2,261 |
|
|
|
15,627 |
Net Economic
Proceeds |
$ |
264,781 |
|
|
$ |
(1,101 |
) |
|
$ |
263,680 |
|
|
$ |
382,010 |
|
|
$ |
(478 |
) |
|
$ |
381,532 |
|
|
$ |
603,530 |
|
|
$ |
1,714 |
|
|
$ |
605,244 |
|
|
$ |
1,061,293 |
|
$ |
626 |
|
|
$ |
1,061,919 |
Economic Proceeds were $268.6 million versus $390.1 million in
the second quarter of 2021, a decrease of 31%.
Investment Banking Economic Proceeds were $97.8 million, down
54% from the prior-year period. The decrease was due primarily to
reduced equity underwriting activity and fewer M&A
completions.
Brokerage Economic Proceeds of $182.0 million were 3% higher
versus the prior-year period, as overall market-wide trading
volumes rose in the same period. The increase was due in part to
higher cash trading, non-US execution and derivatives trading,
partially offset by reduced special situations and securities
finance revenues.
Management Fees Economic Proceeds rose 13% year-over-year to
$20.4 million, due largely to an increase in assets under
management.
Incentive Income Economic Proceeds were a loss of $30.0 million
in the second quarter of 2022 versus a loss of $31.1 million
in the prior-year period. The loss in both periods was primarily
due to a decrease in performance fees in our healthcare investments
and sustainability strategies.
Investment Income Economic Proceeds were a loss of $9.9 million
versus proceeds of $5.5 million in the prior-year period, a
decrease of $15.4 million. The decrease is due largely to a
decrease in value of investments in the activist strategy, the
event-driven strategy and the merchant banking portfolio.
Economic Interest Expense (Income). In the second quarter of
2022 Cowen had interest expense of $5.0 million, down from
$8.6 million in the prior-year period.
Second Quarter 2022 Non-GAAP Financial
Review (continued)
Economic Expenses
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 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 |
$ |
151,235 |
|
|
$ |
545 |
|
$ |
151,780 |
|
|
$ |
216,280 |
|
$ |
4,133 |
|
$ |
220,413 |
|
$ |
337,660 |
|
$ |
1,495 |
|
$ |
339,155 |
|
$ |
601,858 |
|
$ |
6,951 |
|
|
$ |
608,809 |
Non-Compensation Expenses |
|
103,766 |
|
|
|
30 |
|
|
103,796 |
|
|
|
87,811 |
|
|
53 |
|
|
87,864 |
|
|
197,558 |
|
|
36 |
|
|
197,594 |
|
|
177,226 |
|
|
(24 |
) |
|
|
177,202 |
Depreciation & Amortization |
|
6,990 |
|
|
|
7 |
|
|
6,997 |
|
|
|
4,561 |
|
|
4 |
|
|
4,565 |
|
|
14,169 |
|
|
13 |
|
|
14,182 |
|
|
8,910 |
|
|
9 |
|
|
|
8,919 |
Non-Controlling Interest |
|
(27 |
) |
|
|
— |
|
|
(27 |
) |
|
|
1,488 |
|
|
— |
|
|
1,488 |
|
|
986 |
|
|
— |
|
|
986 |
|
|
2,955 |
|
|
— |
|
|
|
2,955 |
Total: Economic
Expenses |
$ |
261,964 |
|
|
$ |
582 |
|
$ |
262,546 |
|
|
$ |
310,140 |
|
$ |
4,190 |
|
$ |
314,330 |
|
$ |
550,373 |
|
$ |
1,544 |
|
$ |
551,917 |
|
$ |
790,949 |
|
$ |
6,936 |
|
|
$ |
797,885 |
Economic Compensation Expenses were $151.8 million compared to
$220.4 million in the second quarter of 2021. The economic
compensation-to-proceeds ratio was 56.5%, unchanged
year-over-year.
Economic Fixed Non-Compensation Expenses Second quarter 2022
fixed non-compensation expenses were up $2.5 million from the
prior-year period at $42.9 million. The year-over-year increase is
due in part to an increase in technology-related service fees.
Economic Variable Non-Compensation Expenses were $60.9 million,
up from $47.5 million in the second 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 fixed
non-compensation-to-economic-proceeds ratio rose from 10.3% in
2Q'21 to 16.0% in 2Q'22 and the variable
non-compensation-to-proceeds ratio rose from 12.2% in 2Q'21 to
22.7% in 2Q'22.
Economic Depreciation and Amortization Expenses were $7.0
million compared to $4.6 million in the second quarter of 2021. The
year-over-year increase is due primarily to expenses associated
with the Portico acquisition in late 2021.
Second Quarter 2022 Non-GAAP Financial
Review (continued)
Economic Income and Economic Operating
Income
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 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) |
$ |
2,817 |
|
$ |
(1,683 |
) |
|
$ |
1,134 |
|
|
$ |
71,870 |
|
$ |
(4,668 |
) |
|
$ |
67,202 |
|
$ |
53,157 |
|
$ |
170 |
|
|
$ |
53,327 |
|
$ |
270,344 |
|
$ |
(6,310 |
) |
|
$ |
264,034 |
Economic income tax
expense |
|
1,236 |
|
|
(419 |
) |
|
|
817 |
|
|
|
19,261 |
|
|
(1,251 |
) |
|
|
18,010 |
|
|
13,821 |
|
|
44 |
|
|
|
13,865 |
|
|
72,451 |
|
|
(1,691 |
) |
|
|
70,760 |
Preferred stock dividends |
|
1,477 |
|
|
221 |
|
|
|
1,698 |
|
|
|
1,460 |
|
|
238 |
|
|
|
1,698 |
|
|
2,938 |
|
|
458 |
|
|
|
3,396 |
|
|
2,887 |
|
|
509 |
|
|
|
3,396 |
Economic Income
(Loss) |
$ |
104 |
|
$ |
(1,485 |
) |
|
$ |
(1,381 |
) |
|
$ |
51,149 |
|
$ |
(3,655 |
) |
|
$ |
47,494 |
|
|
36,398 |
|
|
(332 |
) |
|
|
36,066 |
|
|
195,006 |
|
|
(5,128 |
) |
|
|
189,878 |
Add back: Depreciation and
amortization expense, net of taxes |
|
5,101 |
|
|
4 |
|
|
|
5,105 |
|
|
|
3,339 |
|
|
3 |
|
|
|
3,342 |
|
|
10,485 |
|
|
9 |
|
|
|
10,494 |
|
|
6,522 |
|
|
6 |
|
|
|
6,528 |
Economic Operating
Income (Loss) |
$ |
5,205 |
|
$ |
(1,481 |
) |
|
$ |
3,724 |
|
|
$ |
54,488 |
|
$ |
(3,652 |
) |
|
$ |
50,836 |
|
$ |
46,883 |
|
$ |
(323 |
) |
|
$ |
46,560 |
|
$ |
201,528 |
|
$ |
(5,122 |
) |
|
$ |
196,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Economic Income per diluted
share |
$ |
— |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
|
$ |
1.51 |
|
$ |
(0.11 |
) |
|
$ |
1.40 |
|
$ |
1.18 |
|
$ |
(0.01 |
) |
|
$ |
1.17 |
|
$ |
5.79 |
|
$ |
(0.15 |
) |
|
$ |
5.63 |
Economic Operating Income per
diluted share |
$ |
0.17 |
|
$ |
(0.05 |
) |
|
$ |
0.12 |
|
|
$ |
1.61 |
|
$ |
(0.11 |
) |
|
$ |
1.50 |
|
$ |
1.52 |
|
$ |
(0.01 |
) |
|
$ |
1.51 |
|
$ |
5.98 |
|
$ |
(0.15 |
) |
|
$ |
5.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 six
months ended June 30, 2022 and 2021:
For the three months
ended June 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) |
|
$ |
100,169 |
|
|
$ |
154,656 |
|
|
$ |
(10,003 |
) |
|
$ |
16,717 |
|
|
$ |
— |
|
|
$ |
48,545 |
|
|
$ |
14,278 |
|
|
$ |
(6,625 |
) |
|
$ |
(15,324 |
) |
|
$ |
3,527 |
|
|
$ |
305,940 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(889 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(889 |
) |
Reimbursable client expenses |
b |
|
(1,523 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(296 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,819 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
(79 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,161 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,240 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(368 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(613 |
) |
|
|
— |
|
|
|
— |
|
|
|
(981 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,019 |
|
|
|
2,770 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,681 |
) |
|
|
2,108 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
32,083 |
|
|
|
— |
|
|
|
(31,397 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
686 |
|
Proprietary trading, interest and dividends |
g |
|
— |
|
|
|
3,777 |
|
|
|
(25,295 |
) |
|
|
— |
|
|
|
(1,377 |
) |
|
|
(11,147 |
) |
|
|
— |
|
|
|
4,831 |
|
|
|
— |
|
|
|
23,141 |
|
|
|
(6,070 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,278 |
) |
|
|
11,107 |
|
|
|
— |
|
|
|
— |
|
|
|
(3,171 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
23,643 |
|
|
|
3,369 |
|
|
|
— |
|
|
|
— |
|
|
|
(9,237 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,987 |
) |
|
|
(4,212 |
) |
Total Management Presentation Reclassifications: |
|
|
(2,412 |
) |
|
|
27,341 |
|
|
|
10,157 |
|
|
|
3,651 |
|
|
|
(30,004 |
) |
|
|
(48,545 |
) |
|
|
(14,278 |
) |
|
|
15,029 |
|
|
|
— |
|
|
|
(3,527 |
) |
|
|
(42,588 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(10,086 |
) |
|
|
47 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,324 |
|
|
|
— |
|
|
|
5,285 |
|
Total Economic
Proceeds |
|
$ |
97,757 |
|
|
$ |
181,997 |
|
|
$ |
(9,932 |
) |
|
$ |
20,415 |
|
|
$ |
(30,004 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,404 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
268,637 |
|
For the three months
ended June 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) |
|
$ |
224,981 |
|
|
$ |
139,060 |
|
|
$ |
3,160 |
|
|
$ |
14,995 |
|
|
$ |
169 |
|
|
$ |
62,173 |
|
|
$ |
11,493 |
|
|
$ |
2,031 |
|
|
$ |
695 |
|
|
$ |
6,730 |
|
|
$ |
465,487 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(6,152 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,152 |
) |
Reimbursable client expenses |
b |
|
(4,402 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(295 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,697 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
6,132 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48,854 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,722 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
(107 |
) |
|
|
— |
|
|
|
(449 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(666 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,222 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,523 |
|
|
|
4,358 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,894 |
) |
|
|
1,987 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
35,530 |
|
|
|
— |
|
|
|
(35,686 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(156 |
) |
Proprietary trading, interest and dividends |
g |
|
— |
|
|
|
10,245 |
|
|
|
(32,710 |
) |
|
|
— |
|
|
|
275 |
|
|
|
(2,262 |
) |
|
|
— |
|
|
|
(34 |
) |
|
|
— |
|
|
|
10,616 |
|
|
|
(13,870 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,493 |
) |
|
|
6,271 |
|
|
|
— |
|
|
|
1 |
|
|
|
(5,221 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
20,515 |
|
|
|
(1,554 |
) |
|
|
— |
|
|
|
— |
|
|
|
(11,057 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,453 |
) |
|
|
(3,549 |
) |
Total Management Presentation Reclassifications: |
|
|
(10,554 |
) |
|
|
36,785 |
|
|
|
1,266 |
|
|
|
3,074 |
|
|
|
(31,053 |
) |
|
|
(62,173 |
) |
|
|
(11,493 |
) |
|
|
5,276 |
|
|
|
— |
|
|
|
(6,730 |
) |
|
|
(75,602 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
1,052 |
|
|
|
55 |
|
|
|
(168 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(695 |
) |
|
|
— |
|
|
|
244 |
|
Total Economic
Proceeds |
|
$ |
214,427 |
|
|
$ |
175,845 |
|
|
$ |
5,478 |
|
|
$ |
18,124 |
|
|
$ |
(31,052 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,307 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
390,129 |
|
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures (continued)
For the six months
ended June 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) |
|
$ |
201,711 |
|
|
$ |
323,394 |
|
|
$ |
58,084 |
|
|
$ |
33,486 |
|
|
$ |
633 |
|
|
$ |
94,880 |
|
|
$ |
25,599 |
|
|
$ |
(7,574 |
) |
|
$ |
(17,208 |
) |
|
$ |
9,107 |
|
|
$ |
722,112 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(1,148 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,148 |
) |
Reimbursable client expenses |
b |
|
(4,110 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(606 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,716 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
(1,326 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(57,966 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(59,292 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(739 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,292 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,031 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,275 |
|
|
|
6,362 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,437 |
) |
|
|
4,200 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
49,150 |
|
|
|
— |
|
|
|
(48,297 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
853 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
12,595 |
|
|
|
(87,380 |
) |
|
|
— |
|
|
|
(1,714 |
) |
|
|
(17,029 |
) |
|
|
— |
|
|
|
6,611 |
|
|
|
— |
|
|
|
39,299 |
|
|
|
(47,618 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,599 |
) |
|
|
15,085 |
|
|
|
— |
|
|
|
— |
|
|
|
(10,514 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
45,128 |
|
|
|
5,248 |
|
|
|
— |
|
|
|
— |
|
|
|
(19,885 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(37,969 |
) |
|
|
(7,478 |
) |
Total Management Presentation Reclassifications: |
|
|
(5,258 |
) |
|
|
56,397 |
|
|
|
(32,982 |
) |
|
|
7,536 |
|
|
|
(43,649 |
) |
|
|
(94,880 |
) |
|
|
(25,599 |
) |
|
|
19,798 |
|
|
|
— |
|
|
|
(9,107 |
) |
|
|
(127,744 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(11,401 |
) |
|
|
99 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,208 |
|
|
|
— |
|
|
|
5,906 |
|
Total Economic
Proceeds |
|
$ |
196,453 |
|
|
$ |
379,791 |
|
|
$ |
13,701 |
|
|
$ |
41,121 |
|
|
$ |
(43,016 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,224 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
600,274 |
|
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures (continued)
For the six months
ended June 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) |
|
$ |
529,815 |
|
|
$ |
312,797 |
|
|
$ |
179,297 |
|
|
$ |
40,737 |
|
|
$ |
2,427 |
|
|
$ |
121,561 |
|
|
$ |
18,610 |
|
|
$ |
3,690 |
|
|
$ |
(2,652 |
) |
|
$ |
18,692 |
|
|
$ |
1,224,974 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
(13,067 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,067 |
) |
Reimbursable client expenses |
b |
|
(8,834 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(583 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,417 |
) |
Securities financing interest expense |
c |
|
— |
|
|
|
7,566 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(90,655 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(83,089 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
(266 |
) |
|
|
— |
|
|
|
(4,523 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,305 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,094 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,003 |
|
|
|
13,999 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,723 |
) |
|
|
4,279 |
|
Carried interest |
f |
|
— |
|
|
|
— |
|
|
|
(61,239 |
) |
|
|
— |
|
|
|
61,353 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
26,347 |
|
|
|
(65,436 |
) |
|
|
— |
|
|
|
(51 |
) |
|
|
(6,358 |
) |
|
|
— |
|
|
|
(271 |
) |
|
|
— |
|
|
|
21,766 |
|
|
|
(24,003 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
(18,610 |
) |
|
|
6,939 |
|
|
|
— |
|
|
|
— |
|
|
|
(11,670 |
) |
Facilitation trading gains and losses |
i |
|
— |
|
|
|
51,248 |
|
|
|
(10,522 |
) |
|
|
— |
|
|
|
— |
|
|
|
(24,548 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,418 |
) |
|
|
(8,240 |
) |
Total Management Presentation Reclassifications: |
|
|
(21,901 |
) |
|
|
84,895 |
|
|
|
(137,197 |
) |
|
|
2,481 |
|
|
|
75,301 |
|
|
|
(121,561 |
) |
|
|
(18,610 |
) |
|
|
4,780 |
|
|
|
— |
|
|
|
(19,375 |
) |
|
|
(151,187 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
— |
|
|
|
(1,613 |
) |
|
|
2,107 |
|
|
|
(70 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,652 |
|
|
|
— |
|
|
|
3,076 |
|
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 |
|
$ |
507,914 |
|
|
$ |
397,692 |
|
|
$ |
40,487 |
|
|
$ |
45,325 |
|
|
$ |
77,658 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,470 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,077,546 |
|
The following table reconciles total US GAAP interest and
dividends expense to total Economic Interest Expense for the three
and six months ended June 30, 2022 and 2021:
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures (continued)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(Dollar amounts in
thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Total US GAAP Interest & Dividend Expense |
|
$ |
53,925 |
|
|
$ |
63,073 |
|
|
$ |
100,449 |
|
|
$ |
120,714 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
Securities financing interest expense |
c |
|
(28,240 |
) |
|
|
(42,722 |
) |
|
|
(59,292 |
) |
|
|
(83,089 |
) |
Fund start-up costs, distribution and other fees |
d |
|
(1,313 |
) |
|
|
(628 |
) |
|
|
(2,209 |
) |
|
|
(1,171 |
) |
Proprietary trading gains and losses |
g |
|
(15,125 |
) |
|
|
(1,248 |
) |
|
|
(36,286 |
) |
|
|
(5,486 |
) |
Facilitation trading gains and losses |
i |
|
(4,212 |
) |
|
|
(3,549 |
) |
|
|
(7,478 |
) |
|
|
(8,240 |
) |
Total Management Presentation Reclassifications: |
|
|
(48,890 |
) |
|
|
(48,147 |
) |
|
|
(105,265 |
) |
|
|
(97,986 |
) |
Income
Statement Adjustments: |
|
|
|
|
|
|
|
Accelerated debt costs |
p |
|
— |
|
|
|
(5,557 |
) |
|
|
— |
|
|
|
(5,557 |
) |
Amortization of discount/(premium) on debt |
m |
|
(78 |
) |
|
|
(772 |
) |
|
|
(154 |
) |
|
|
(1,544 |
) |
Total Income Statement Adjustments: |
|
|
(78 |
) |
|
|
(6,329 |
) |
|
|
(154 |
) |
|
|
(7,101 |
) |
Total
Economic Interest Expense / (Income) |
$ |
4,957 |
|
|
$ |
8,597 |
|
|
$ |
(4,970 |
) |
|
$ |
15,627 |
|
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures (continued)
The following tables reconcile total US GAAP Expenses and
non-controlling interests to total Economic Expenses for the three
and six months ended June 30, 2022 and 2021:
|
|
Three Months Ended June 30, 2022 |
|
Three Months Ended June 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 |
|
$ |
151,322 |
|
|
$ |
95,603 |
|
|
$ |
(14,981 |
) |
|
$ |
231,944 |
|
|
$ |
219,186 |
|
|
$ |
113,906 |
|
|
$ |
13,755 |
|
|
$ |
346,847 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
— |
|
|
|
(889 |
) |
|
|
— |
|
|
|
(889 |
) |
|
|
— |
|
|
|
(6,152 |
) |
|
|
— |
|
|
|
(6,152 |
) |
Reimbursable client expenses |
b |
|
— |
|
|
|
(1,819 |
) |
|
|
— |
|
|
|
(1,819 |
) |
|
|
— |
|
|
|
(4,697 |
) |
|
|
— |
|
|
|
(4,697 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
332 |
|
|
|
— |
|
|
|
332 |
|
|
|
— |
|
|
|
(594 |
) |
|
|
— |
|
|
|
(594 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
2,108 |
|
|
|
— |
|
|
|
2,108 |
|
|
|
— |
|
|
|
1,987 |
|
|
|
— |
|
|
|
1,987 |
|
Carried interest |
f |
|
— |
|
|
|
686 |
|
|
|
— |
|
|
|
686 |
|
|
|
— |
|
|
|
(156 |
) |
|
|
— |
|
|
|
(156 |
) |
Proprietary trading gains and losses |
g |
|
— |
|
|
|
(587 |
) |
|
|
9,642 |
|
|
|
9,055 |
|
|
|
— |
|
|
|
1,501 |
|
|
|
(14,123 |
) |
|
|
(12,622 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
(3,171 |
) |
|
|
— |
|
|
|
(3,171 |
) |
|
|
— |
|
|
|
(5,221 |
) |
|
|
— |
|
|
|
(5,221 |
) |
Associated partner/banker compensation |
j |
|
806 |
|
|
|
(806 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,574 |
|
|
|
(1,574 |
) |
|
|
— |
|
|
|
— |
|
Management company non-Controlling interest |
k |
|
(348 |
) |
|
|
375 |
|
|
|
(27 |
) |
|
|
— |
|
|
|
(347 |
) |
|
|
(1,141 |
) |
|
|
1,488 |
|
|
|
— |
|
Total Management Presentation Reclassifications: |
|
|
458 |
|
|
|
(3,771 |
) |
|
|
9,615 |
|
|
|
6,302 |
|
|
|
1,227 |
|
|
|
(16,047 |
) |
|
|
(12,635 |
) |
|
|
(27,455 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
(54 |
) |
|
|
5,339 |
|
|
|
5,285 |
|
|
|
— |
|
|
|
(124 |
) |
|
|
368 |
|
|
|
244 |
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related adjustments |
n |
|
— |
|
|
|
(78 |
) |
|
|
— |
|
|
|
(78 |
) |
|
|
— |
|
|
|
(76 |
) |
|
|
— |
|
|
|
(76 |
) |
Contingent liability adjustments |
n |
|
— |
|
|
|
19,093 |
|
|
|
— |
|
|
|
19,093 |
|
|
|
— |
|
|
|
(5,230 |
) |
|
|
— |
|
|
|
(5,230 |
) |
Total Income Statement Adjustments: |
|
|
— |
|
|
|
19,015 |
|
|
|
— |
|
|
|
19,015 |
|
|
|
— |
|
|
|
(5,306 |
) |
|
|
— |
|
|
|
(5,306 |
) |
Total Economic
Expenses |
|
$ |
151,780 |
|
|
$ |
110,793 |
|
|
$ |
(27 |
) |
|
$ |
262,546 |
|
|
$ |
220,413 |
|
|
$ |
92,429 |
|
|
$ |
1,488 |
|
|
$ |
314,330 |
|
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures (continued)
|
|
Six Months Ended June 30, 2022 |
|
Six Months Ended June 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 |
|
$ |
338,500 |
|
|
$ |
211,037 |
|
|
$ |
5,150 |
|
|
$ |
554,687 |
|
|
$ |
607,382 |
|
|
$ |
221,062 |
|
|
$ |
18,317 |
|
|
$ |
846,761 |
|
Management
Presentation Reclassifications: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Underwriting expenses |
a |
|
— |
|
|
|
(1,148 |
) |
|
|
— |
|
|
|
(1,148 |
) |
|
|
— |
|
|
|
(13,067 |
) |
|
|
— |
|
|
|
(13,067 |
) |
Reimbursable client expenses |
b |
|
— |
|
|
|
(4,716 |
) |
|
|
— |
|
|
|
(4,716 |
) |
|
|
— |
|
|
|
(9,417 |
) |
|
|
— |
|
|
|
(9,417 |
) |
Fund start-up costs, distribution and other fees |
d |
|
— |
|
|
|
178 |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
|
|
(4,923 |
) |
|
|
— |
|
|
|
(4,923 |
) |
Certain equity method investments |
e |
|
— |
|
|
|
4,200 |
|
|
|
— |
|
|
|
4,200 |
|
|
|
— |
|
|
|
4,279 |
|
|
|
— |
|
|
|
4,279 |
|
Carried interest |
f |
|
— |
|
|
|
853 |
|
|
|
— |
|
|
|
853 |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
|
|
114 |
|
Proprietary trading gains and losses |
g |
|
— |
|
|
|
(117 |
) |
|
|
(11,215 |
) |
|
|
(11,332 |
) |
|
|
— |
|
|
|
3,271 |
|
|
|
(21,788 |
) |
|
|
(18,517 |
) |
Insurance related activities expenses |
h |
|
— |
|
|
|
(10,514 |
) |
|
|
— |
|
|
|
(10,514 |
) |
|
|
— |
|
|
|
(11,670 |
) |
|
|
— |
|
|
|
(11,670 |
) |
Associated partner/banker compensation |
j |
|
1,352 |
|
|
|
(1,352 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,122 |
|
|
|
(2,122 |
) |
|
|
— |
|
|
|
— |
|
Management company non-Controlling interest |
k |
|
(697 |
) |
|
|
(289 |
) |
|
|
986 |
|
|
|
— |
|
|
|
(695 |
) |
|
|
(2,260 |
) |
|
|
2,955 |
|
|
|
— |
|
Total Management Presentation Reclassifications: |
|
|
655 |
|
|
|
(12,905 |
) |
|
|
(10,229 |
) |
|
|
(22,479 |
) |
|
|
1,427 |
|
|
|
(35,795 |
) |
|
|
(18,833 |
) |
|
|
(53,201 |
) |
Fund Consolidated
Reclassifications |
l |
|
— |
|
|
|
(159 |
) |
|
|
6,065 |
|
|
|
5,906 |
|
|
|
— |
|
|
|
(395 |
) |
|
|
3,471 |
|
|
|
3,076 |
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related amounts |
n |
|
— |
|
|
|
(158 |
) |
|
|
— |
|
|
|
(158 |
) |
|
|
— |
|
|
|
(317 |
) |
|
|
— |
|
|
|
(317 |
) |
Contingent liability adjustments |
n |
|
— |
|
|
|
13,961 |
|
|
|
— |
|
|
|
13,961 |
|
|
|
— |
|
|
|
1,566 |
|
|
|
— |
|
|
|
1,566 |
|
Total Income Statement Adjustments: |
|
|
— |
|
|
|
13,803 |
|
|
|
— |
|
|
|
13,803 |
|
|
|
— |
|
|
|
1,249 |
|
|
|
— |
|
|
|
1,249 |
|
Total Economic
Expenses |
|
$ |
339,155 |
|
|
$ |
211,776 |
|
|
$ |
986 |
|
|
$ |
551,917 |
|
|
$ |
608,809 |
|
|
$ |
186,121 |
|
|
$ |
2,955 |
|
|
$ |
797,885 |
|
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):
Reconciliation of US GAAP (Unaudited) to
Non-GAAP Measures (continued)
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
(Dollar amounts in
thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
US GAAP
Net income (loss) attributable to Cowen Inc. common
stockholders |
|
$ |
12,465 |
|
|
$ |
43,625 |
|
|
$ |
45,783 |
|
|
$ |
189,431 |
|
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
US GAAP Income tax expense (benefit) |
o |
|
5,908 |
|
|
|
10,244 |
|
|
|
17,797 |
|
|
|
64,672 |
|
|
Amortization of discount (premium) on debt |
m |
|
78 |
|
|
|
772 |
|
|
|
154 |
|
|
|
1,544 |
|
|
Debt extinguishment gain (loss) and/or accelerated debt costs |
p |
|
— |
|
|
|
5,557 |
|
|
|
— |
|
|
|
10,095 |
|
|
Bargain purchase gain |
n |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,855 |
) |
|
Contingent liability adjustments |
n |
|
(19,093 |
) |
|
|
5,230 |
|
|
|
(13,961 |
) |
|
|
(1,566 |
) |
|
Acquisition related amounts |
n |
|
78 |
|
|
|
76 |
|
|
|
158 |
|
|
|
317 |
|
|
Preferred stock dividends |
q |
|
1,698 |
|
|
|
1,698 |
|
|
|
3,396 |
|
|
|
3,396 |
|
|
Pre-tax Economic
Income (Loss) |
|
|
1,134 |
|
|
|
67,202 |
|
|
|
53,327 |
|
|
|
264,034 |
|
|
Economic income tax expense |
|
|
(817 |
) |
|
|
(18,010 |
) |
|
|
(13,865 |
) |
|
|
(70,760 |
) |
|
Preferred stock dividends |
|
|
(1,698 |
) |
|
|
(1,698 |
) |
|
|
(3,396 |
) |
|
|
(3,396 |
) |
|
Economic Income
(Loss) |
|
|
(1,381 |
) |
|
|
47,494 |
|
|
|
36,066 |
|
|
|
189,878 |
|
|
Add back: Depreciation and amortization expense, net of taxes |
|
|
5,105 |
|
|
|
3,342 |
|
|
|
10,494 |
|
|
|
6,528 |
|
|
Economic Operating
Income (Loss) |
|
$ |
3,724 |
|
|
$ |
50,836 |
|
|
$ |
46,560 |
|
|
$ |
196,406 |
|
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 June 30, |
|
Six Months Ended June 30, |
(Dollars per
share) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
US GAAP
Net income (loss) attributable to Cowen Inc. common
stockholders |
|
$ |
0.41 |
|
|
$ |
1.29 |
|
|
$ |
1.48 |
|
|
$ |
5.62 |
|
|
Income Statement
Adjustments: |
|
|
|
|
|
|
|
|
|
US GAAP Income tax expense (benefit) |
o |
|
0.20 |
|
|
|
0.30 |
|
|
|
0.58 |
|
|
|
1.92 |
|
|
Amortization of discount (premium) on debt |
m |
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.05 |
|
|
Debt extinguishment gain (loss) and accelerated debt costs |
p |
|
— |
|
|
|
0.16 |
|
|
|
— |
|
|
|
0.30 |
|
|
Bargain purchase gain |
n |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.11 |
) |
|
Contingent liability adjustments |
n |
|
(0.63 |
) |
|
|
0.15 |
|
|
|
(0.45 |
) |
|
|
(0.05 |
) |
|
Acquisition related amounts |
n |
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
Preferred stock dividends |
q |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.11 |
|
|
|
0.10 |
|
|
Pre-tax Economic
Income (Loss) per common share (diluted) |
|
|
0.04 |
|
|
|
1.98 |
|
|
|
1.73 |
|
|
|
7.83 |
|
|
Economic income tax expense |
|
|
(0.03 |
) |
|
|
(0.53 |
) |
|
|
(0.45 |
) |
|
|
(2.10 |
) |
|
Preferred stock dividends |
|
|
(0.06 |
) |
|
|
(0.05 |
) |
|
|
(0.11 |
) |
|
|
(0.10 |
) |
|
Economic income (Loss)
per common share (diluted) |
|
|
(0.05 |
) |
|
|
1.40 |
|
|
|
1.17 |
|
|
|
5.63 |
|
|
Add back: Depreciation and amortization expense, net of taxes |
|
|
0.17 |
|
|
|
0.10 |
|
|
|
0.34 |
|
|
|
0.20 |
|
|
Economic Operating
Income (Loss) per common share (diluted) |
|
$ |
0.12 |
|
|
$ |
1.50 |
|
|
$ |
1.51 |
|
|
$ |
5.83 |
|
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:JT Farley, Managing
Director(646) 562-1056james.farley@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.
Grafico Azioni Cowen (NASDAQ:COWN)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Cowen (NASDAQ:COWN)
Storico
Da Giu 2023 a Giu 2024