COWN - Earnings call transcript Q1 2019

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Operator

Good morning, ladies and gentlemen, and thank you for joining Cowen's conference call to discuss the financial results for first quarter 2019. By now, you should have received a copy of the company's earnings release, which can be accessed at Cowen's website at www.cowen.com.

Before we begin, the company has asked me to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and uncertainties described in the company's earnings release and other filings with the SEC. Cowen has no obligation to update the information presented on the call. are of scheduled other the SEC -- with SEC, description and and Company's website complete company's the is the assumptions is which at more www.sec.gov. these on risks and uncertainties filings website A and on the available included in Also, call, investors. will our reference measures, non-GAAP financial for on the useful company information today's which believes speakers certain will provide company's measures to release. GAAP reconciliation the as those with earnings presented of Reconciliation consistent today's in is

call the over Mr. Now I turn would to M. to like Jeffrey

Solomon, Officer. Chief Mr. Executive

you may begin. Solomon,

Jeffrey Solomon

Thank Quarter you, today CFO, Operator. and is Cowen's Good our morning, everyone, me and XXXX Jeff welcome to on joining This is Lasota. First our call Earnings Call. Steve Solomon

as available financial of now a reconciliation provides well GAAP we to As economic information supplement as a reminder, income. a additional make that financial operating and

sense find earnings common can we and conjunction you You Relations Investor equity, supplement to long-term return making the on sustainable objective release or our achieve get basis. the with this section mid-teens it on a to website of better average in achieving to of in our progress our review ROCE, we're encourage in a

of XXXX on solid It strong for formation we period was for the impact record closed XXXX. highest Cowen, Inc. was revenue in generated building in quarter third being the XX-day since a another of government the momentum of for our quarter on quarter overall the First for shutdown, despite SEC Cowen of led banking XXXX and best January. our investment which to second most

Equity been the growing. we've sustainability pipelines demonstrating remain as is profitability well past and working that strong issuances achieve business are resilience with to and over that debt as Our the few years. the

XXXX. and first debt I largest the best, of government with if of also look markets, during are want outperformed banking In quarter at issuance strong the compared occurred also being which results in quarter and XXXX. market-wide robust. markets competitors to shutdown, one activity. the for trading and to a quarters be continued our best, not of performance clearly despite Our lower businesses capital the equity that note XXXX levels operating business first QX of our despite in Cowen's history, demand of Taking the many remains temporary the the

We are market actively XX XX backdrop. banking million and XXXX this booked of $XX first taking in quarter served Investment advantage runner capital the the during of markets as on totaled revenue them. book where a transactions we we quarter of

capital companies, of than in X,XXX, gone are approximately healthcare have listed those sector at core so While from those a there listed healthcare or X,XXX since markets record we're last a States. is XXXX. specifically. in held taking remains the the steps United Conference are which X,XXX the capital validated XX% public biotech is Of month year. of healthcare that XXX more about important over up how companies you of which people, last franchise Annual healthcare and our this our sense to a business, was give drew we today diversify our XXth markets, are Of X/X Healthcare To that XX% companies when

verticals. of our smaller other a competitive as So, we've market expertise as significant effect franchise in net inroads I makes strength, up share we we has scale domain we've the grow and premier our in a continues building that deep healthcare we remain revenue The reputation, percentage to made sectors. revenues pie total significantly but healthcare capture history, as also that market robust a and developed we've been before, other just think and said capital given that our healthcare solid -- there. opportunities been position on And

in over in a objectives the non-healthcare XXXX sector our look total the which the first That past the of is of revenue of XX% quarter from improvement revenue, average diversification. -- from and from banking full-year investment of XX% a been represented X at it stated one significant quarters. and XX%, in XXXX up investment banking you first If quarter, has

strong make Cowen to markets capital less calendar equity activity, the we are reliant the With working financing on nonetheless.

advisory been the $XX.X doubled in Our gaining advisory making significant more $XX.X a higher XXXX business traction, the investment margin million in in from The business of profitable its ago. revenue quarter nearly business and consistent year first has to banking results. million

industrial grew year and middle and have us banking a industries XX% the few start franchise QX of has investment healthcare in given to The been the QX firm progressing business expand advisory together a grow in technology, of from As of market to to driven a joint revenue, further our a already nice services. our has XXXX by consumer diversification. which of the percentage the information XX% The banking from win the variety our XXXX from of and and Quarton our of worked integration into to increase across beachhead international total advisory presence transactions both acquisition mandates. broader teams Quarton revenue, Cowen Atlantic sides on at

to acquisition As higher also present look themselves. capital the additional for and by scale should more teams we potential building towards ahead, advisory opportunities evaluate business allocating we'll bolt-on we the margin out will continue they

businesses. our Now markets turning to

as pan-European which first securities in $XXX.X quarter first was the of revenues first over volumes million, the trading and market-wide trading the brokerage, in and in In XX% dropped of we funds. performance the business in is part of to revenue, trading, electronic number X% situations decreased cases dip led the trading, XXXX. which segment. smaller which other to X% markets trading levels negative the with closures from brokerage special versus wake hedge which our brokerage, includes The some finance revenues, from down impacted due spike observed XXXX. declined the a fund of of quarter, of This in our totaled XXXX, clients, For late lower XXXX. volatility and respect quarter U.S. of prime institutional compares first revenue cash this X% our to client options, With credit equities, in quarter of

trading X% in business, cash areas our U.S. to trading flat strongly our includes there particular, fund prime, the declines there the and was But services the decreased Revenue of securities XX% revenues. firms, hedge percentage This in which clearing, in weakness soft due equity sharp finance outperformance, quarter including for first However. our was dollar year-over-year. electronic double-digit of part was first in -- in contrast trading down in year-over-year. segment. stands commission was were of the quarter in up most U.S. reported institutional competitors bulge-bracket which to and only recapture, XXXX the

short, make and expansion operations we're to our our pleased trading of our including how capabilities, global our about ability our share outsourced in is optimistic tape outperforming we of trading platform very continue as progress grow business launch prime we're the continue capability. swap and a the to a We securities tougher markets with gaining the finance business. competition In in the

Moving to the business. management investment

our of are fewer, at on what philosophy, core investments part our deeper of Cowen expertise our we focusing the DNA. areas As simpler, or we call firm

meet and potential forward, past create for that salable the we've the for before, to evaluate few as quarters. truly strategies leverage our determine value. to will to scalable they long-term ways Going the been continue tests we've the said if look And organization talking strength we of we to about

initiatives. quite So, remains high new the for bar

of are continue perform in their funds. our the the and expect various had X/X fully nearly as healthcare existing HFRX various a its the long-short strategies, of fund Cowen fund X for sorry, first and Longview first Partners to the quarter. at able our and outperformed to XX% $XXX merger a in did with And second Looking its committed investors Royalty to arbitrage end productive X is now positive closed well Merger in committing we're of although months equity liquidated portfolio be commingled investments of with quarter. another returns quarter third coming launch private periods. HealthCare real contribution million the months. fund across for its to At the make fund Margate February, estate X $XXX either healthcare in X the the investment invested to benchmark to we remain million finished investments first fund across or investments our the they -- RCG index

So improvement over an for $X.X investment of quarter and fees with which strong of first million, a million it management quarter is management $XX.X the XXXX. was incentive overall fees of

certainly which beginning although balance in to to be Turning not are fruit the our and it done. sheet. We've and talking we're heard, ensuring bear been work be efforts our seen to still there's will about ways that

our and $X.X farm winding during In equity disposed private operator approximately down investments we long-short one recognizing our addition proceeds. of quarter, million in first the realizing fund in wind the of Eolia to

Formation in million value including in $XXX stakes balance approximately maximizes to we're X, the on realizing investors. committed that a Linkem manner While in our illiquid we have investments those the still for and returns non-core sheet, investments in

As with sharing as quarters further I details combination balance to coming intend share redeploy make forward investments, repurchases. on in as in progress well our accretive these we're sheet. the more simplifying able a to of monetize capital core the our we as businesses look to investments in we

capital Turning to now returns.

capital million. during authorization our authorization shares incremental business, to stock approach as allocation whether management. shares stock of we out our balanced businesses; for investments still also DNA in total opportunistically maintaining to or the to back common on a such in our Cowen capital growing XXX,XXX back additional new strategies buy support million. remain the buying that's to repurchase investing We funding continued up more while of our in flow the $X.X cash investment Board repurchasing our generating spread of financing, growth We securities received $XX hand And quarter bringing shares back advisory

integrating return was We brokerage equity. a thoughts quarter operations. ramped market put as in significant over solid simplifying our mid-teens to investment conditions, for turn less in business all closing So banking performance our Lasota call move well outlook, And the Steve? first despite to as of steps and offer believe and management step some we and target up remarks financials. sustainable gained in us review for progress I I'll Quarton the our of and brief Steve before conclusion, positive traction common advisory these made on our forward than up another about Cowen optimal closer

Stephen Lasota

Jeff. Thanks,

we especially late are of but our of pleased the Jeff XXXX. mentioned, comparison the the still effects with in strong we the and results after As a given government volatility QX had shutdown against tough XXXX, very

D&A common first we down compared the GAAP year to to million period. income $XX.X of and XX% year in Non-comp were quarter expenses $X quarter revenue was the million benefit $XXX.X GAAP of from XXXX $X.X and comp were net XXXX, year $XX.X to the year income in period. million XXXX, million first reported million $XXX.X of over the prior prior the for For quarter was In attributable $XXX.X million. first expenses million. of stockholders net of

million. In and investments was income income expense million from expense $XX.X $X.X on gains interest non-controlling was was addition, other million, tax $X.X

Now our non-GAAP as measures, we turning to refer which income. financial economic to

period quarter be during collectible fees reported first common with to to on certain and associated X% and XXXX we economic year-over-year income As also certain of incentive economic costs as when economic performance be $XX.X otherwise to consolidated remainder other million use financial income incentive during and for the remarks and $XX.X transaction as million We of based to related income of is million $XXX.X reminder, of include prior for the retainer that revenues XXXX. income my Economic with compared a stock not to GAAP well GAAP adjustments operating of are quarter stockholders income general, attributable economic or $XX excludes a fees yet these preferred million. dividend. intangible consolidation crystallized reorganization banking revenue eliminates million reporting. impairment, the period measure to period the impact make measures. In will for first that would the $XX.X The certain non-GAAP Economic expenses, year goodwill in investment funds measure income reporting decisions. deferred compared in of debt, and our decreased the pre-tax income

of XXXX, in strong with driven performance QX from financings and contributions from and non-healthcare equity continued advisory from business along down sectors. growing our revenue Although by was brokerage

$XX.X to were period. XX% For first to $XX.X compared was to the the million the year And in quarter, for the Investment was the million. X% million largely in fees million the the our part million was year-over-year gain to sale finally, other in up performance revenue due first up income revenue of $XXX.X Brokerage year million down in revenue some quarter XXXX. $XXX,XXX the period our $XX.X $XX XXXX of due from first the strong million, income million to for quarter, in Tilray down quarter Management the was QX from the of shares. $X.X quarter million year from from prior affiliate $XX.X $XX.X investment realized compared to $XX quarter by million from in $X.X was in funds. prior period. banking Incentive prior

XXXX $X to increase of prior to of in quarter million acquisition. our benefit $XX.X as XXXX. economic prior Variable quarter the to XXXX quarter in Comp for Depreciation due of expenses Fixed or million in and the XX.X% $XX year was $X amortization XX.X% the period. compared million in were to year non-comp now or expenses. of in to compared million and expense is the were first expenses $XXX.X $XX.X before, totaled compared expenses $XXX.X the million Turning million and first $XX.X the quarter in the the period. first income revenue non-comp mentioned first million quarter million compared to the Quarton

the issuance to of value of And to to Return first annualized year balance of $XXX.X stockholders the Turning million equity per shares Quarton the was to is as XX, acquisition. is to capital to compared March full of million December XXXX $XXX.X total XXXX, common end compared invested of Book an on the million at XX, outstanding, which of average any XXXX. we updates an call, the by will $XXX.X going for segments and to XX, $XX.XX was management of of back refocus XXXX. divided share, assess compared presentation we're quarter have was use equity, equity, investment Cowen quarter to structure XX, common This related $XXX.X whether ROCE on in sheet. provide as XXXX. currently decreased XXXX, DNA as as compared the last XX.X% that XXXX, And our performance on changes economic businesses our shares less due are noted We'll equity this you slightly that segment impact of equity the we Jeff. operating as December XX.X% segments. of $XX.XX of would shift the our I to reviewing occurred of Common preferred million XXXX. March making of finally, to which reportable to reporting changes as are determine information impact the Because we our resource evaluation products, impact these decisions our now allocations. on turn the operating any to on With early determination of make that, about the as second our over matter forward. results call of necessary with I’ll evaluating the

Jeffrey Solomon

Steve. Thanks,

we our to and margin revenues, and returns allocation higher books recurring capital in shareholders. our sheet, sustainable simplify quarter are achieving today, as & can businesses, towards We'll long-term where objectives worked but and more looking we're improve profitable our I another work scale the So, another process. spread point our to and to drive diversify revenue we to you for this step our hard balance We've continue back. assure our not higher get

our to transparency strive also to the Cowen. needed will here with understand provide growth opportunities at We investors

will very made that, and Before of who by we at vision, of dedication to grateful core to With such tenacious again for for embody and teamwork. remain quite talented efforts who team. up many create for and teammates effort questions. Cowen everyone a value leading want our empathy, strive the be I'm our open sustainability all values it Operator? take fortunate I that I success our questions, the of of stress clients and to result so is our the

Operator

Instructions]. [Operator

JMP Ryan with Devin Securities. from comes question first Our

Devin Ryan

equity just of business. question the First underwriting on kind

the the had softer will quarter quite and shutdown here. a peers earnings and obviously a I through a a of think with great there Another against backdrop number result government we get as your of season or bit

like firms it and And kind of good number the of you're is so, start. quarter I think off second to looks a clearly, another outpunching

been can curious it I'm where about think how really you and kind where market -- go. share also just of So, evolving how your guys and that's

anecdotes just are like moving kinda seem how give you you the some So, any kind through co-manager us up lead covers know, manager any because context other it nice ranks are and having of been and can pretty you you you've on around to where there. does progress guys

Jeffrey Solomon

Well, so the by that. thanks way for recognizing

would probably I on delaying as a simply that the when are I at maybe said quarter, -- think government it into how things first shutdown to figure the actually in to the our call profound we the think we they pipeline, they on get impact have end was quarter out last try that are more just capital looking quarter. money has of the things. get going companies otherwise second raised second that the raised that's at to pushed

so, And the in a XX-day second think the have of the seeing had this we you're shutdown. made that I quarter that we function fact start as and we've

the standpoint, and is lot that it's I'm be actually an listen, there really case to to a I the what call, and would the everything rest certainly we I both is -- gotten lot anymore, and we not an both the recognize art -- there it at underwriting winning a sector is to we the and year, significant. everything the once focus understand on done, the would at folks pretty how anyway. through except the believe bearing know XX where are we're that a know good you a And way capability get giving capability don't and -- say be gotten and that. do people -- in capitalists significantly the understand to that's them get the art in here and them we're The was the it. just both how companies we gets it of just a that a people it, lot core that I done the saying that have pretty miss companies it's is we -- this. best that days think out to just on From done really and of in good out, which and who at and comfortable investors. get doing would but of you investors them that it; won't a get said know us mandates science is last -- something biotech I done and this a doesn't Venture our case done know have are bearing that that Street

the again we investments don't that's in win the share raises, that right suggests all, said raises X to game equity sector we at our money last will public is make that if so we the also fair the we are. to top every X at win we're really six in because of doing that's come our this are out continue them and sector something but be be that a over is to States the XX there you really at pretty consistently this there. the healthcare fact and -- good a years we And is of that and over United company companies I've bank It's ensure in excellent are which

do to position. special and defend skill. We'll it's to recognize So, on that continue our things we a focus we it

economics if away like companies. we don't and turn afford instances. in I definitely we I the to getting we think selective many if we the mean, not business right can So, be are

that very be that are everybody. sure to So, do will around deals we the additive we cautious making

are a we we'll maintain continue but just so others. And and take I just from again, hopefully that's share our that's share to where think not --

talk this the and proud is we all of that of about One we most I'm I of the time do. business the amount things think repeat

C for that folks And not consistently the a you event. can get particularly if in about adding you a those want be recognizing book think a rewarded then so companies, value, these element consistently, you're book because when when and there's you key consistently. They is runner outperform you

experience not think set think gets on they're we've lot the ensure just even they reflects some fees I different added of best -- reflects of processes us clients talked a being the during pretty and from I fees. I have a not to client that's right, about the philosophy getting value here not and frankly are paying a paying think maybe when I especially that. are street, financing think when a good -- I you when that And up frankly that and and our

so, And we doing. what are really that's

I feel So continue there. progress I like to make we'll feel --

our emerging an obviously The business raising cannabis amount that's that capital There's other area grown is area. on. and going that's a is significant obviously of

and directly company cross it effort a that and where about space, and obviously processes a collaborate, what a this campfire forefront we're accounting a the there's in and just probably around being you When it's some market, thought entirety the in we're made and the process. have an our activities. year and we’ve our research excel includes privately think number it that's collaboratively you private lot first that in in but when at not still -- good the -- obviously, wish and second think and a solve of we've that each capital I companies, reality emerging banking and to and But firm make markets best at that sitting the cooperation reflects so be really that but for business was the want cannabis the and through brand money you United and And related and order We business we leader in is And it of think Cowen market the milestone said progress even to space are to where aware that is the also help public to in in of good. and States see we listed. franchise that over a and around to in in although requires number capital Tilray get problems so list not there for our in gone think leader last clients other aligning quarter, to I markets. and you the that and across legal biotech there's and companies we don't are of table team reference the really event operations. like out that's operations industry and forefront We really which that's I publicly finance try and cannabis knowledge the raising seem the do early all requires we're something hard are certainly in at. were table here. here of is is certainly effort can the to and companies get collaboration far, a a the get that everybody clients to it the outcomes days of the work to and that's that again and we're around we're for of regulatory team tap that going

So, again about great that's done and feel I sort what continue we've what to do. we of --

Devin Ryan

little us I larger improving client we the the response. the follow-up curious of think we've second from guys as just for of tone first business. of alone that the have of whether I different know I a dynamics seeing you whether at really the is or the quarter that guess sense I balances any Jeff. a that I'm don't And, prime banks mix. been there. all quarter brokerage are was a some quarter. it's Understand if well. that the the I'm that you second bit Thanks, impacted appreciate brokerage Cowen bit cover days in into recovering early of business? detailed changing a on some heard curious can sometimes give the and

Jeffrey Solomon

had been throughout that I It the business It for budget on actually this mean -- our has exceeding we is. first is a pretty quarter. year. actually improving or

budgeted based on in So, we quarter. down the saw a what year fourth happening we

that pleased actually performance. very with I'm So,

begin balances is continuing and there's to is see this recover seeing formation And and new so time occurring. new when we're year certainly we're repair time to at a I bit. yes, -- that formation a they fund of little look people fund and natural mean, a itself that

some and we a about We part of were last concerned our also this made fourth quarter. bit a some little half environment because We conservative little of certain the in clients. the got more year back in in pulled with towards of decisions just the financing more --

it's short-term the that making because our on And to so growth. If does are part decisions understand sometimes investors long the the came business. say? seeing was revenue do -- the says of and micro with that very It's lost for for push hard to thing you're is I for looked and here what for that actually lower sometimes numbers term balances, year that you what right into think that we're we micro-decisions choice just conscious but impact the in current a performance at topline we everyone think and hey,

hedge gotten And there's The as long that right we decisions that and we to a do little we our bit, lending we're first cross-sell do thing I virtual on we seamless with an so make to to don't maybe we which And what it can and fund it'll want actually us with X of engagement. who times prime to larger some clients. and prime long-only much product the more securities a dealer, into better has -- swap for will much business environment enables in to trade do going additional get would the opportunity our clients our is have when term. finance -- call product our pull for be us on it's to currently our business, us because actually swap, launching take of

early So, we're in there. days the still

basis cross-selling deliberately go make selected we and an of for some firm of I Convergex and relationships. year look look degree begin I we parts to can on we got our sales not last at did from actually clients. team is a take with a transformational to with important able those of our think at force opportunity through year bigger we right effort that bring and the integrating because high it's significant the partners and from in wanted other our But good wallet and confidence portion products obviously the we now how a services we us think a of deal just a to of to and share spent was sure it

So, it's days still in the here, Dev. early

Devin Ryan

in Got or that investments. But just great. that's or the one the you just touched of it, us of be funds to strategic necessarily of the on above here, investments assets whether in it reduction kind firm terms And are that here some call amount kind yeah monetizing investments remind last of this. the sheet it -- private are in balance

If investments of some can sheet you can, it but control, X of course of or call trend? what quarters those just I about expect? of over it will of the say your we think the of X kind should if the the any know we just there's some expectations of any or is that where balance next that sense outside from outside

Jeffrey Solomon

I that. not going I wish I to am on could. specifics give you

or don't our you quarter we to year, enable knew some make Eolia in to For is but happen would expressed, private decision. would it you trade. quarter that part example, have realize to think way a it was I I of ability at trade tell tell if quarter we point an I And part -- us that was a wouldn't third or have that couldn't think going of unilateral with disposition going as decisions last Oaktree have. I this we frustration that was been able to the on value portfolio because next we've the to

is right there determined have you we're And to we sure I a some can able all better. to closer ago the are that than in further a particularly going that that have that that for the by of and and happens do we that begun Formation process we've assets. to be business. have businesses to the with closely how get able so, that names partner process be we of because how Linkem, certainly along there. tell improve the we we to year are very being are continue looking were are the And and when is make working happens events X big monetization the in thing to create monetization to portfolio Again a The still at

it's in and we're this I'll year we continue can were year than that maintain tell motion you all along last momentum. further and is So, we hopefully to

Devin Ryan

just potentially some the there existing optimized of bring in? out that you are at funds to there the capital strategies. trading moment mean, room some I or And is still there you're still of the liquid

Jeffrey Solomon

what we like I we I past we what in positive book I today, own. but was liquidated own -- the contributor, think the like Again mean, it long-short obviously we a I going was it we be so standalone position a long adequately other to could that capital to wasn't in scale were ultimately business pretty where we a that clear that for and term business things. repurpose quarter.

a first what's meaningfully it's quarter of there it a took well our so spaces. of think we really you of and number continue did book, took in to -- so changes. I love I perform Devin, different and that we don't anticipate gives that great Part continued last liquidity our the happened any lot of do provider in will to dealer confidence allocation though, there we is the that down and we're and moved event at the there a businesses look allocation it meaningful I and me making to If in what year in we obviously

some that aftermarket need owning and by shares of simply at SPAC trust that and discount to a we're be leading sometimes one to it made business in capabilities to and when happy are our clients are and in a there's for the they that trading business return decent that trading We be in capital SPACs facilitate to traders requires the value.

And the balance sheet, here whole topline with needs and as so doing revenue to are utilize the drive optimizing our more. we've idea sheet talked balance is our to in our about serving that conjunction clients’ we and more again, with

business launch we'll expect would balance we we'll which can when sheet allocated that some have related which facilitation we X in some I at course, hopefully we And to year strategy will where scale. over of this dealer the private a businesses, talk obviously management of is those time liquidate XX% as of business. in asset is finance, redeploy assume least new businesses our securities about So I these that of about that And including do happens. customer

we happy we And all directionality. lot how without We're and be outperform can alpha to we continue to of way for figuring sheet not We're a and are where generate about so, out taking with looking balance the as very on market cautious obviously. market directionality returns. a

also both Starboard that you income income. when first a right of as continue that area. And what example well so, think I do in go from and well, as exceptional well quarter quarter incentive the And obviously, investment things in do the We'll way. to say when Starboard an does we first quarter had good is in we benefit can

Operator

over further turn I'll [Operator to call remarks. questions I'm any Instructions]. at for showing this Speakers, no the time. closing you back

Jeffrey Solomon

Maybe on the the are take we I'll chance to joining appreciate creating got thank the do at ask. at what call your Cowen, here to for Dev, that trying end We all want for extremely today. our which Obviously, about support Well, of day the positive as that get everybody sign. a us questions ultimately all accomplished stakeholders. all of positive continued you we're you to of value to and wanted ask we is the

things a another clients working we positive and of psychic think do taking means most I expanding Certainly in focused But from we as here for is is for-profit succeed get succeed also we psychic we today. here use as one so part about another, to because been to Obviously, And enterprise. Doing more Day. that get goal from the XXXX. that of because, our least empathetic, better to contribution can Your communities. one helping good. Child although the better doing deliberately helping the we've Cowen, term a how a the joy than that's which of are our is committed team. at line that's a on something talk doing Now I one of we're about care Not how better make Work we stakeholders here lot more just certainly we America, it Bring being bottom primary is joy of

afternoon I very will questions of on I And little series of much talking stakeholders pretty that to answer important so most have an difficult to I'll a who think a today. be annual on probably later this basis have the some

looking-forward efforts I better are -- of to doing So, results, captured better would doing these want or about the as look our which an at the And by exactly And that aren't think do our they that in think whether at measures and purpose day, of good days always one to people people end kinds not the in far come too we're say in the here we attracted I'm and we organization. reflected Cowen the of to not of do to didn't that. but is are removed people even type us. to from

do something to sign out an is who day within every families better that to figure takes our when that's joining on want get well build. a by time that from that for it long so organization who the their And to folks right inbound talented how and calls is we track. themselves that And by that control, we're super are goes a respects

numbers helps know the to function to is takes drive us long-term to of the that into that the here time. that people I results make I the market able fact the some talent seeing of what what us of momentum right us. you've ultimately so benefits think all but you who of see firm extremely It seeing get we're of for are what the conditions and been a patient, for continue think positive see And notwithstanding and talented you'll kind that cultural successful. I is to really bringing you're in the that fit we're organization

So forward and again call. you to speaking next with you for with that, I'll on joining thank we look our

Operator

participating the Ladies gentlemen, for thank conference. in and today's concludes This you program.

a You have and may disconnect wonderful all day.

Cowen (COWN) 26 Apr 192019 Q1 Earnings call transcript