COHN - Earnings call transcript Q3 2018

$XXX,XXX income the the you, the statement prior Lester. operating for $X operations, compared was and million quarter. prior for Thank to Starting our million quarter, with quarter our year $X.X for of

year the $XXX,XXX for current taxes quarter loss $XXX,XXX for to quarter. million prior and quarter income the before Our the prior for was $X.X compared

tax $XXX,XXX. our benefit quarter, income third the During was

or The & have income carry-forwards per loss our diluted to recorded share prior $XXX,XXX of reduction quarter, in attributable Cohen offset an compared quarter, net Company or is and up as quarter the to down for $XXX,XXX related additional trading from portion years. of per net and tax the in liability available for the net diluted current to net loss $X.XX benefit. share in of to the deferred the $XXX,XXX diluted liability per income prior million Net was quarter. loss quarter future expect tax $X.X We the deferred tax from for came a operating $XX,XXX revenue year share $X.XX $XXX,XXX at third the 'XX. or second The of quarter the of $X.XX third

totaled in up and year $XXX,XXX but quarter, ago revenue management quarter quarter. year asset one-time performance European our million and In the separate $X accounts. million the to the from fees were quarter, $X.X there not down Our the current ago related the prior from quarters, prior

quarter to auction second subordinated liquidation Europe advisory issue and the successful revenue on in of Dekania CDO. I included previously of 'XX fees the the current addition, unpaid auction In related quarter. was management fees There and new the no

Our and new to and expect advisory trend revenue continue. we been volatile has that issue

meaningful small and a fluctuations in can number in a We engagements revenue limited in number in revenue from of a result engagements, are quarter-to-quarter. the recognized of change

was to asset and place two have third expense 'XX 'XX. of prior for XX, $X.X quarter of management our on was principal comparable the $X.X The XX issue equity XX% our our was number the favorable as prior 'XX prior to XX and we revenue certain investments X% well as $XXX,XXX quarter quarter were instruments, and to year, due from in the percentage up compared quarter second compensation instruments. model 'XX expense of convertible and variations year our in in to both XX of preferred from employees million, third compared of as revenues trading, the in quarterly September changes. up equity of year XX of advisory from redeemable transactions we the from the million, the in XX result third end. in the Net third million for headcount other net periods, million, quarters, to and the Compensation relate the was September including XX% variable changes The $X.X new XX% from primarily June $XXX,XXX quarter. and quarter primarily as and $X.X on debt Third quarter quarter own. a Cohen quarter financial XXXX the interest and of of Compensation trust prior as revenue our the $XXX,XXX was marks benefits and Company up notes CLO ago as from positions & $XXX,XXX of

book the on matched repo corporate our of of year-end. Total book balance the reverse assets had $X.X quarter, sheet. the continued repo indebtedness carried at and million was our mortgage the balances. group our balance at $XXX we million unrestricted the of on cash on At GCS end terms quarter, the book balances million, balance billion matched sheet the million growth of At of the match and consolidated had repo $X.X $X.X gestational based XX of $XX.X about In of quarter, was million sheet, reverse $XX.X of a equity end total in businesses. from the decrease our grow December to end

range to of for $X.X we're million invest quarter, on $X the million. but repaid the $X.X to an these did outside of newly venture by quarter, joint price We the our use by maybe maturity reduce the Bermuda management the there with companies venture. $XX $XX venture equity approximately The assets. formed in per U.S. dealer of venture and remaining in to million this able to our that small During subsidiaries. origination The formed on may The financial. the by the from is maturing a fees notes debt the XXXX size joint insurance X% leverage of investor to share earned for insurance invest be And to investing broker managed may by debt one of who will was by medium asset purpose this its committed joint notes, and funded Also, us. the issued XXXX JV and and year grow equity convertible conversion $XX be our joint per wholly-owned extend we up joint in venture million committed share. company during originated one we convertible

venture. earn management of the the We will as joint fees manager

fee based return the and entitled certain portfolio, again, are quarterly liquidation the incentive a fee met, incentive are hurdles We met. are management annual return additional to and upon of an certain hurdles if of fee

we quarter XXXX, in this September joint first ended invested venture $X $XX XX, its joint totaling million and venture the investments million. the During made

formed a of investing Additionally, during became we purpose in quarter, interest of equity companies. of SPAC general the for the acquisition fund the special the partner newly purpose

SPAC invested the XXX,XXX fund. in funds manager the and the are of we have We

is November dividend XXXX. quarter to November The on announced was of we continue SPAC value review fee funds manager, quarterly policy asset the the incentive based an earned we’ll for entitled allocation to based quarter, fund net $XX.X the on net XX, dividend percentage and the of annual XX, on end XXXX returns the As stockholders the value actual a of the based payable million. are We’ve of a the the on the quarterly and management record a to asset $X.XXdividend the the fund. At of basis. by on

Finally, to expect turn With file later to over no we our will Friday. that, it than XX-Q I back Lester.

Lester Brafman	Chief Executive Officer
Joe Pooler	Chief Financial Officer

Cohen & Company (COHN) 31 Oct 182018 Q3 Earnings call transcript