COWN - Earnings call transcript Q4 2021

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Operator

Good morning. Thank you for joining us to discuss Cowen's Results for the Fourth Quarter and Full Year 2021. By now, you should have received a copy of the earnings release, which can be accessed that http://investor.cowen.com/. After the speaker’s presentation, there will be a question-and-answer session.

As a reminder, today's call is being recorded. to call like to now would hand over the Mr. I J.T. Head of Cowen's Investor Farley, Relations.

J.T. Farley

before I subject Also earnings on we information SEC. remind Operator, statements. in to you, Thank begin, measures our the contain may obligation has today's presented be on will risks Cowen earnings some some call. provide which the forward-looking useful the financial the with and your filings information and Reconciliations to referencing described questions today's GAAP to you statements release. would other for in no measures of are comments in the believe call non-GAAP today's release made are we and today's These call, investors. update of responses certain to those that to presented like of we uncertainties

quarterly we it in our We encourage our As you section our a release. Investor available with of review financial reminder, Relations conjunction earnings website. supplement to make the in

Joining Solomon, and are us Jeffrey Lasota. Financial Mr. Officer, Officer, Chief Cowen's Chief Stephen Executive on Chair our Mr. and today's call,

would like over to turn Now, I the to call Jeff.

Jeffrey Solomon

XXXX both to Cowen, record we then results a full-year J.T. for the for profitability. to Then, confident Today, you. operating quarter call in be us earnings on full-year more ability Good And our earnings. review for and detail. in the fourth will our and in I why during financial results your for performance year as terms to thank some some answer morning, record we'll delivering Cowen's Steve all the well Thank after that, you XXXX. highlights provide our I joining remain strong will shareholders, and strong on of fourth questions. happy and extremely continue XXXX, the on as revenues quarter, was will share beyond. And thoughts outlook our

equity, basis. on by XX% generated revenues Cowen annual guidance since well mid-teens management and is an return their powered fees record We economic on after-tax operating markets our which at broker-dealer hit income, in Management banking least levels return are in equity highest after-tax Investment We of XXXX. $XX revenues, targeting per common nearly after-tax while in the above common share investment in on our

Given strong we million operating to year XXXX. through over $XXX full of performance, record shareholders stock our amount nearly returned the a buybacks

We capital our flows, are structure. dividends. cash we'll on so keenly optimizing of buybacks to combination out of a continue And do share and our focused utilizing

cash the been were revenues beyond. financing which percentage transaction revenues strategy XXXX. Portico head world-class stated recent advisory able by announced per activities. to banking, advisory as As since on we quarterly dividend highest Board operations. We're $X.XX and closed acquisitions, our even the continue we The view has diversification. the grow we XX% of growth common for XXXX, long-term and This the our share, shareholders to in of advisory reflecting We invest this long XXXX, our this we way includes this increased our organically Portico believe business to do meaningful ours as a mid-December. Capital Advisors, augment drive into to It in in of returning that in outlook to as and morning, and of the capital capital Cowen's objective term to long business revenue in our were markets that positive through will purchase banking accelerates a

industry. areas, choice strategic a to hires as to as This well place be at increase decade. our key revenue can is best. do evidenced acquisitions in delivered year, the over and both do employer also made in It our come past second by where looking an ratio the has become the by to successfully our we even coming consecutive below for on headcount revenue talented as modestly We they XX%. expense of guidance, we've the our comp made people in want integrated what Cowen we've

that which instrumental all to culture, acquisition, talent, continue after people will to means be, been, and are and We have our retention, a business, success.

of look at despite record up Banking banking for fourth revenues, this comprised the quarter row strong our were healthcare, medtech, TMT it quarter quarter. banking, capital advisory, revenues, Now, diagnostics, particularly total healthcare revenues. from healthcare and display that areas, franchise It well advisory drop-off results SPAC of banking and for was quarter industry best and the slightly consumer second to XXXX Sectors the our the and XX% quarter operating and third up markets banking let's in capital specifically. services on The XX%. healthcare of sectors. made as M&A M&A XX% markets reduced tech-enabled combines revenues tools fourth very Within very including active a compared well was represented a more of as banking revenues. IT, as strong which the our non-biotech of highlights including in had revenues we total was of as quarter healthcare In headwinds the growth activity. outside activity, at on services, our majority

making banking banking And XXXX, than fourth of -- revenues of banking Our XXXX full-year banking efforts XX% effort the the also to XX% sorry, the for of quarter. revenues accounted SPAC fourth full total revenues traction. sustainability in doubled quarter, continues in more of XX% XX% gain up for related of revenues year XXXX. the XXXX. related over and in Sustainability in

financing, other [Indiscernible] combination seeking acquisitions. slowed considerably, M&A activity advisory. or has that in our continuing specs As currently XXXX. Whilst and expect in capitalize on we continue associated words, towards there nearly product people and XXX to a is still reminder, SPAC IPO weighted revenues advisory are the And from to pipe capital market, business back-end

momentum now known, toward of the data buyers. software capital strong in sector, clients multitude This and our acquisition transaction and far, provides they're high-growth the encouraged as our tremendous empowers account quarter, of that deep adds to fourth our joint and with very has the new and from advisory, platform, from new of of capabilities. their of of interest relationships banking mentioned the an and Portico completed we the Portico are both financial provide industry strength and Portico I earlier, to business existing analytics Thus Cowen client’s the knowledge strategic As by investment markets, the full research verticalized the team emanating area marketing we between team situations sponsors seen capital, end client the bankers. breadth and partners core our

technologies Cowen as that mandates M&A is every record off increase, testimony the less of client sector, a also year. we mix We intermediate experienced over to than diversification backlog. the year opportunities given growth activity be about related start. capital positive private up war now in constructive global our public deal of Note as in disruptive with the raising, more SPAC remain our from of and challenging creating which new X% of the strong with the as even Portico. markets very the is ahead, both levels overall last underlying and Looking we make economic transactions. a now the continues mandates, with both for a continuing and activity activity to capital M&A and and well backlog fundamentals backlog entered XXXX, franchise, to of XXXX to transactions mandated healthy activity mandates great includes this The long-term, start at of

that shift volatility, activity pressures, XXXX, worth companies number confident these very These as market the the in in periods the thinking from the macro alternatives subside were timing place by have it of in particularly we advisory but industries from a in by as long financing it capital, of in holistic away a positioned. higher, inflationary been last weeks conditions, years that volatility companies flow, of we've transactions first our of just increased few a a worth as capital namely in when franchise majority capital While banks of advice, is factors to mandated stance. is It being significantly rush our two for short strategy our the years geopolitical different news which impacted business interrupted offering anticipate strides math digest is backlog. well grown in increased funding of six-week the periods market Cowen equity the rising volatility also the where is deals Cowen noting which market markets. rates, and ability six by needed the And led mandated to of followed does, markets and are volatility of slowed than Both significantly. noting turned the become -- meaningful have vast that to there was We've markets we each made two convert interest decade's It our will market conversions market accommodative central their is activity. provider hasn't also to global uncertainty, public ago.

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for with move help results. our brief I financial this And hopeful We to Steve. call will now monetization to Lasota turn a that this closer will review non-core over of of that, are us asset. the Steve quarterly

Stephen Lasota

million income the compensation million. prior quarter Jeff. GAAP for $XXX $X.XX from million the follows. million Income were of depreciation was and Net attributable Total the for million diluted fourth XX% Compensation from per prior to results down year expense period. as stockholders was year-over-year net down share, a were or expenses the or amortization year $XXX.X $XX.X benefit D&A common per period. diluted million, Expenses $XX.X excluding prior tax decrease were $XXX.X fourth Thanks, and period. $X.XX of $XX.X of quarter down XXXX $XXX.X share million. $X.X in $XX.X expense and income revenues from from were in was the million $XX.X million million year

during we a available utilized XXXX. net As operating losses reminder, all

small beginning have the still been we taxpayer asset. we However, of XXXX, since a have a and do deferred tax cash

compared benefit 'XX quarter Compensation of prior brokerage I'm expense Economic fourth fees economic were XX% the million million the Economic proceeds financial loss were to $XXX.X million was non-GAAP economic was year-over-year investment in the quarter $XX.X income quarter $XX.X in million. economic turning year-over-year year total expenses. our of management we of down of proceeds incentive million income in to the banking $X.X and for turning year-over-year to growth year-over-year to income of to fourth $XX.X the income Economic quarter to were for period. And $XXX.X million. million. $XXX.X the million million our the in X.X% quarter up XXXX. of X% up now Now versus measures, was had million $XXX income proceeds year period. prior XX% $XX.X down a investment versus for $XXX.X

decreased to income economic year-over-year proceeds. ratio proceeds of XX.X from to comp XX.X Our

million. non-comp variable decline non-comp were and are ratio period. of the million an which non-comp $XX.X any fees. is market $XX.X of and quarter amortization and And Depreciation expenses, $X.X rate $XX.X million the versus per we million XXXX, development million higher is XX.X%. range $X.XX may fourth of of expenses primarily from XXXX. XXXX. $XX.X fourth expenses be quarter from was year in rate prolonged compared fourth prior-year the XX% prior quarter, targeting our nature major economic Fixed increased to period. revenues, XX%, in effective We In the The effective depending expenses, geographic service XX% the compensation And expenses million million our were million and in common to the totaled generated on XX% we annual capital increase of XX%. range Economic up $X.X business taxes absent in than the $XX.X $XX.X dependent professional income. revenue in the the activity, of expense an of fourth entertainment future non-compensation on tax of impact million, For to XXXX, at share, ratio full the to and fourth from of between although operating fourth for year XX.X expect income it to and rate income XXXX. quarter XXXX, estimate lower the in was vary expenses or previous includes sources in our of guidance million, quarters in up of XX% quarter-to-quarter $XX.X The income travel economic in were due tax $XX of tax quarter quarter This to in a mix.

share. million year full For operating economic income or we $XX generated XXXX, of common per $XXX.X

of end had million $XXX.X Cowen million totaling of XXXX. September Turning end to totaling up a September December, capital $XXX.X Asset capital sheet. the million And quarter-end, end million up $XXX.X a At of XXXX. from the we at at had invested at invested the balance in the [Indiscernible] $XXX.X Co,

end prior XXXX. stockholders $XXX.X up less of Turning the to September $X.XX equity quarter million from equity preferred was equity, billion was to which our this at equity, common

[Indiscernible] was part to we an of made stockholders the convertible redemption. equity or equity. the stock from preferred therefore, fourth to temporary quarter cash During of election stock XXXX, And any our upon reclassified settle preferred conversion

result, the per the outstanding, XXXX per quarter-end, rose XX.X% to a of part The equals which equity $XX.XX Portico As the shares equity September common $XX.XX up $XX.XX end total down After of divided purchase on quarter book book common of for end December well as due in is least 'XX, goodwill December equity an was on acquisition million, fourth value $XXX share annual annual million, by September of share, above the XXXX, as In in years. to Portico the common return was and acquisition. a XXXX, end value at XXXX, aggregate from on intangible Cowen's of from GAAP acquisition after-tax X $XX.XX of equity. at of The Common of $XX.X XXst, basis. and common which Cowen by of of price XXXX. $XX.X life with tax return X at our we million, average million assets between an our increased weighted target of paid generating consideration. Capital estimated upfront $XX.X equity for mid-teens mid-December on Advisors closed of useful at

expect million accounting price full will in on XXXX amortization year contingent details $X.X treatment intangible For future Cowen's acquisition. the we in and filing. to purchase XXXX, be expenses XX-K available of Full the consideration related this

quarterly to increased noted, common per returns share. as to $X.XX our capital cash Regarding dividend shareholders, we Jeff

purchases our of according of existing $XX.X [Indiscernible] X.XX operating to million a plans. to the including in economic XX% we stock, shares, our income. During equivalent That executed total fourth million is quarter, repurchased

we instruments due of that our guidance XX.X For rules quarter count convertible year the well fully to to XX% accounting diluted in a of above economic at XX% first was share year-end income, in diluted operating XXXX, use of convertible preferred our debt to value of at full purchased required for A change Note our in range XXXX, are to we equal annual our shares. the minimum XX%. the calculations. method starting converted million stock the regarding share shares

by of diluted million shares. $X.X increase change approximately rule share count XXXX first-quarter this expect We to our

on Looking depending ahead, be conditions share we continue buyback and cash flow. available will to opportunistic, and market

assets monetize to turn Jeff. also And the will We are call the returns to over that I'll when we balance capital back able on sheet. prioritize additional with

Jeffrey Solomon

portfolio record help Thanks, team, of encamps Cowen. the last sustainability, to how result This our but hard who done of dedication, Steve. goals. every few and and your outperform their we on proud The day, hard for across was the tenacious our a to board core empathy, years, staying not is and for work of We're clients, are teamwork. drawn particularly a only year work, reach committed so grateful success adaptability, of also values while over our we've culture the based a vision,

We questions, quarter which generate equity briefly to the outline I'd Before like built at common why firm earnings sustainability basis. we return on reasons some mid-teens on Cowen's we remain a of take believe we confident power. of an least annual the about after-tax can

and after-tax there targeted to depending Although the relationships banking, public as business is markets be the capital growth and along of with those conditions, across us sponsors. private market years multiple fluctuations, quarterly over middle-markets financial with organization organic earn overall as on strong M&A built returns investment well depth with of acquisitions, will have kinds In provided cycle.

an employer competitors times during and of to of our choice, teams As doing opportunistically, many continue add of when especially opposite. will the uncertainty are people we

and approach client deals year transactions from debt into of differentiated we to from us ecosystem, SPAC versatile markets, emanated This such placements morphed dependent expanding lot volume finance. built options, became offerings less banking into swaps, in Cowen revenues industry. advice product any in assignments. on to last we as we or -- be with benefited a And private areas or that U.S. advised capital record provide raises intentionality execution, SPAC our services created that have, IPO dependent one In to and transactions. clients. M&A follow-on prime on strength equities much service cash clients degree advisory non-U.S. less we in a Cowen our into for has securities of the as our being one enables our expertise that that and So turned have private of for our maybe diversity

seven roster capitalize Our generated and is level or markets in our on help clients have asset market million the past revenues less have [Indiscernible] liquidity can which our teams sustain $X.X it, only we Overall, special are dislocations. for opportunities than any the not situations well daily net where quarters, more challenging. across average understood likely business revenues to and that which believe be proven consistent, at we division huge with higher we Moreover, least do approximately with the has built opportunities, to and for now on share, like equity areas AUM. style fee engage. continue potential strategies, run In have institutional with increases opportunity us an in long-term growth we million, attractive in an investment take impressive of of private management us particularly upside to with annual have additional fees management provide to are clients from only disruptive barely steady will our digital begun assets, where $XX rate our -- management, streams begun

stronger. our also never have to been income We Overall, expect be up our year-over-year. XXXX capabilities incentive

different year-out. as ever And Operator. larger that delivering addition, In year-in it has than our organization to clients shareholders that, a a That's just well-positioned confident years we and position set open four we are In very why and for ago. questions. our with for for remain will we client I short, Cowen an up before. in we're succeed in were

Operator

Thank you.

Instructions]. [Operator reminder a As

with with Mody question from Piper may proceed you your first question. Sumeet Sandler, comes Our

Sumeet Mody

morning Thanks. guys. Good

some some focus looking the you trends and for on last Can do of semiconductors guys across those on start below that down concerns volumes and XX% you shows wanted year's trend I you're seeing you What those start in CM kind biotech Appreciate pricing, maybe are data potential the regulation public but to sector, around commentary uncertainty with are biotech. optimism of about come sectors? maybe around some today banking catalysts know and activity Just drug think weighing through? to that in industry there's side you we're the seeing us of could for when things. and doing then well. on on the update as year, current the some the are

Jeffrey Solomon

Sumeet. question, couple A of you. things. Great And thank

make First January, actually has in of say, has function biotech really is outside for think, slow so biotech relatively seen that, historically to more significantly raise look actually down that the takes at The the slowed commitment it and time. valuations SPAC, the would of come calendar all, take I teams this fact, for when that a a go time to and the a I less also time been and of quarter the out amount of capital. honestly, management significant diluted financing. year of have you to first the We've in for fact them underwritings, activity

be that otherwise -- pricing you off things. we in are we it others. congress specter more expect growth is confident. the talk like from our has the to Drug industry, of in sometimes clients our business these and we Dealogic The are debt belief the will And partner it been that's industry they're of many opportunities, drug But, versatility regulation their of in deals. equity we built, see good year. been much in higher it up a from companies serious appears I've that's pricing as about the innovation. that than and when drug think to towards more make meaningfully innovative for I critical. So added done places And at getting targeted geared as it's why think, would've actually to the be always really really not pricing, January, has royalty What been increased mandated prices any that, they front not of be doing really drug of in of backlog, the show the year-in larger impeding I growth degree deals a the remain backlog towards is tap this overhang and at some market who job but will in living evaluations, -- pharmaceutical the looking bank, year-out, over we out an fact, this business really M&A month those long and which though don't those and companies that's

how X sale do earnings industry. conversations would they to want that too, and activity January, Already has do positive we've seen actually will I continue capital to wait and seen off finance, to in find said prices day few that's back free what so in that to on in significantly script their this in particular is for numbers [Indiscernible] out. I my of stock the last saw grown the a offerings. in then years subsides that we ways obviously February, disruption there's see they'll thing their finances. and about that's to other do it each say, levels, my want we've companies for markets, to which X in seen needs be than of announce who more these I everybody results. periods play happens. Again, to of clinical going also good So one their wants that markets weeks earlier, money. to once That's to They business we've time, us. raise what a go number of as of the to better know suggests And Everyone

as Cowen over because so do. I I That's to quarter, in raise do when not we happens that full-year. the [Indiscernible] you it we that the to on smart know enough am at confident coming the and everyone know, them that, best as second remain a first look why it's needs money whether so but expect And quarter, at we is

Sumeet Mody

And capital two for partner on here. allocation. A Great. quick follow-up - one That's helpful. Thanks Jeff. that,

level when drive wider future a should to trading monetization the for as over increases How on But the ago. just increase guys than rate much new, we firm earn last First to for, near lot year, room are buybacks. term, forward is secondly, these years did to years you at of monetizations? the the gap demand there the that then, pace higher maintained that X today a Appreciate the yield that of you And continues dividend. ahead a that took to X% earnings appreciate you ago you couple of compared that thinking roughly. over? Considering about are the going in

Jeffrey Solomon

talked we well. and -- capital be I this have and about I all-time talked optimization about as you think will

of that to would of the argue of decisions our of buybacks. last capital we businesses certain we've stated XXXX, and and have to dividend meaningful our diversification some to made significantly meaningful part objectives objective a I driven made I then well we really grow as and in where the XXXX, we decade the in stated and on using both middle XXXX. the want some We're revenue also balance performance stock growth seeing think continue as revenue. shareholders payments in business invest have to to return both is And

and had And different continue XXXX, we've I in I recognize very growth and than will growth We'll markets think, discounts we've sustained the value capital, over even place see structurally shareholders the very, was is MDs that the to in also a we'll we us the in of to we we given the firm the that. I do to incrementally exceptional. for as number at where things we've return book acquisitions as particularly our in look would been past in to an dividend few trade also to the normalize continue a to people our I AUM. at recognize create is business continue raise has I the XXXX, scale. lot of growth and our way the banking, to business. it hired continue And done, years, That out. value. easy say, asked question,

oftentimes be, good a will the where articulating Cowen of I world and you ultimately different your at so the but certainly, job do firm. compatriots of catch up we of in it that, where a And materially And look is as rest and will 'XX, and some that. think XXXX, look were investors they 'XX, we to at at

Sumeet Mody

Great. That's the end my of questions.

Jeffrey Solomon

Okay.

Operator

you. Thank

next Your comes with Wolfe question Steven Research. from Chubak

question. proceed You your with may

Steven Chubak

Hi, good morning, morning, Steve. Jeff. Good

Jeffrey Solomon

Steve. Hi,

Steven Chubak

prompted to So start Investor part can planning know I unveil, an to Investor year. the to host are little the host this a maybe just as upcoming decision to what you the could Day you're what you you was later hoping to of just off, speak bit to planning speak and Day? event, I

Jeffrey Solomon

recognized I think is fully potential mentioned -- fully think I answer, on what shareholders shareholders transformation or gone Steve I don't that the is last in a I the just here. that's think part of it

fair. the over if our to nearly success them think few I conditions. those definitely Cowen moves as be did ascribe strategic hadn't we've have would as many from But we we So past to the market benefited people years we've benefited not And for much made made.

inside as us that And it's for to our and in call. easier we'll a articulate and some give which business, We've be degree working is meant remain for highly Day some quarterly drivers core to strategy mentioned ability people get greater things do on I do, the confident got periodic why do Quarterly case is that cover. in things Cowen for And an are business, it drive the to are of see story what how as a model with know a here about I and ways too there's business make really with the lot great who going our hard doesn't undervalued everybody why things drivers that asset We isn't up to the then significantly to Those for knowing about management level and to Cowen transparency. just and the some understand think and us why to remain we we're we think in time Digital every on we've on deliver able it our we think set to the sense core the really that out degree you understand it to of that why so to in still we creation want dig our that the takes goal help lay a think the day of From Investor try our us calls if to we standpoint, to to we're is on. that for than that place. all Cowen table. know things with clarity updates, a like time. that value progressive business, from but of you to to folks and it takes them certainly think

primary for Steve. So that's the impetus that

Steven Chubak

the perspective, figure opportune expense, you -- even merely just and this and how should least, as in little of what a the commentary the bit activity? around inflationary the time material quarter environment, handicapping discipline, ahead, we the for particular? as the following terms as and year look challenging, now And thinking we see Jeff. just and it And that expense, sustained the the how up continued some about also a is to unpack full-year, in good question given softball you of we T&E be in revenue demonstrated for be if on we complexibility, should non-comp given backdrop non-comps, to of normalization certainly the a slowdown Thanks do at start but inflation in

Jeffrey Solomon

I are you you know, of to advisory the part firms. And I'll to covered slowdown, you question of I'll the as higher comp think comp handle I absolutely, the revenue end mix, for Steve. the to turn over and revenue revenues comp so the lot our advisory, range the be skew the more first we on a in we've can one. is. what higher Listen, if also second to the industry the depends mix articulated. at the see of that ratios think revenue we'll ratio terms revenue

complicated. course, more probably more will revenues. And advisory, we of of in the incur But a think so less those the percentage I do as non-comps the

need at guidance and because backlog we given. finance, we've that why range. we to we look have could a So again, be it of I'm the if meaningful that's we hit think given planning to Obviously we've know I companies higher should we're and remain be we in the able that on not end, a confident shadow have and we that backlog the that that at but that confident that there slowdown, is the good range

turn on that. Steve it Our all the work over done who’s non-comps, I'll to

Stephen Lasota

the Steven if lot of you It's non-comps. revenue, similar but then M&A, comes dependent less is that non-comps from right? revenue a story, a on have

to Although clients. XXXX levels, T&E, they're it's to with out be conferences, I don't want client our but up said, being that because picking and going And good people are get up. going back and think for and they're to business. see picking development, return to

Jeffrey Solomon

conferences. again, virtual a virtual look significant always at driven That's the if quarter fairly Specifically, continue And a some higher of is the our to expenses, look year. which had quarter non-comps the we'll -- first in at of Healthcare because around this even we expense, Conferences first you that. XXXX, has flexibility

used are do think, do that. continue -- to we've to we'll in-person, And the learned, something better that, done I all is of that's actually, we some that conferences virtually.

I as between difference think, the looking – entertainment. in well at as in travel,

them close really -- was level two to can are do doesn't business we've the would so get they those lump are to think I drivers. in we learned, anywhere I plane probably but without tend it different years, a actually to so much having we that because the travel increase prior of much together, go. say and in on

prior levels. and amount We had return clients do of will probably given to on plane to times see in that doesn't we but a the that year go any get

though, drives that the down. have business. just and connectivity reconnecting business. because with that entertainment post-Omicron been in as been thing a I've out. the a really slowed what For And meaningfully, do that's of out I the think We've part is in drives people will things the good be revenue And people pretty

to higher be sense. probably XXXX, it'll in in than it again, it I absolute don't So or was an think XX was that levels approaches but XXXX it in

Steven Chubak

Thanks, on question advisory one business. Jeff. final And the

term? level over there's sustainable the in encouraging addition which quarter, of volatility given million about $XXX the of seeing Sustainably gauge know talked internally. You your you're what representative about to the long doesn't strength at we've seem weakness plus of confidence the Last with wanted shadow running in quarter. data, quarter-to-quarter, but to around per million Portico. to business the that to some $XXX going being backlog. advisory talked at Certainly be of the some some that medium you I the least hear seen, public level

Jeffrey Solomon

when so that, reason what just like look show rolling think up good it advisory I the is at the basis. number, on that basis, the at do numbers, our when think much doesn't will to all number, and And at quarter-to-quarter, look for that when you even I just Yes, we think look Dealogic of there. businesses XX-month annual about obviously an we we that's a number us do, but vary

out at a and falls honestly, What sell-side debt a the to all the that way do we're or is up out company transaction. to if the And buy-side So fees cash and people sell of and on capital all. engaged business show account how clients. it -- on in and those markets we're transaction, for a needs company that serve in a to Dealogic our stuff advisory decides refill, the not shows if as categorize decides just they

got Cowen product. remain helps of numbers a do do our alternative, you you us. of like a don't a just is not engage why are our And what challenge on we that where a to a the confident our the your confident to much way, talked it's advisory that that place as of to that's you up hit up business versatility. very is only will are think peers. help business remain Those account, an logic. a the our harder your revenues, environment that that not I to continued lot M&A. thing for to this about basis. show go clients a revenues, in we're choose have is This us they has we facing difference-maker is that why XX-month pipe that's that have if some SPAC And because further maybe on -- SPAC to one ability And to show so we our things best why is not and see really versatility that competitors advisory And the that including as to And transaction And happening. like in drive rolling back-end our pipe about our that's pushing relative

Steven Chubak

questions. taking color, my Helpful Thanks so for Jeff. much

Jeffrey Solomon

Steve. Thanks,

Operator

Allen Point. Compass with Your comes Chris from next question

your with proceed may You question.

Christopher Allen

build taking there opportunities any And opportunistically then, Hey, is franchise change current look good look buy to the of the people, mentioned, off, my guys. morning, Thanks willingness questions. in versus for build terms as there. is how you the at Starting Wondering impacting you teams. environment further?

Jeffrey Solomon

makes to people come There of Cowen work business. in people want out So, and flattered attract are good or it's want say, Cowen health sustainability place franchise, that say, a at to great a often of figure by to asked because, that, where talent. possibly come I you our want that all across-the-board. you question people a there if definitely me is more just to the and really or whether will the than to I'm people we work that question, this and higher. I wanted confidence to can great work. want test kind not, need -- not do is in to our ability And give of and And retain deal feel right me the you

people that that we team, again, an producing not that add product really And a some really want does everybody we product individual, firm higher of do a they the or for clients, well that have that's or on I say franchise, of in their that bolstered engagement urban a can of and to out lift franchise will we our capability something opportunities is fits to organic revenue Cowen augment to the comes an acquisition to well the look where franchise come be by whether board. whether counting. can sort. question or whatever for area capability that the because has on The We with continue that have who that

continuing like we're opportunities to so this. And do

in that growth what in you've example, whatever digital Again, to more [Indiscernible]. assets. banking the seen, do for ability in our think I

banking the a strides the few using as digital processing like who folks places capability. in are go covering payment are miners, they street making handful it's full-service that whether assets a and to it's business the There are can or of industry great there clients, crypto very for So models. who their way investment navigate on are folks where

what and particular we just join when area, There that few want see teams emblematic the around firms to to platform, are our or need would frankly, so call want clients. it's individuals for we're of seeing. that what very in in the sales And join, that street bankers and order do I their execute that to provide can products we they and that around that get growth. The capabilities traders way

organic would I it be shortage on of will as say targeted no both that acquisitions, hires, but organic acquisitions, so And opportunities as front. well

Christopher Allen

on am noted, some and then, And markets maybe seeing finance added. thinking has quarter has first I the in fourth-quarter been I the the the an securities and of broad-based that you're relative this this team any on there the of whether color started full-year the Understood. you've think impact, color you're to European specific some terms impact seeing side, just yet? areas Is just in up strengthening business teams XXXX.

Jeffrey Solomon

to Yeah. The yes. short answer that is,

capability, few beneficiary tandem. us for trading area, who prime outsourced real larger and all the been Europe of really Europe our and years in these ago, and it's all, happy had business presence algorithmic the we teams or worked scale no frankly again of but of obviously, had and we're a firms amazing that or prior to again, in these a collectively growth trading some exit cash equities decided or whether First significantly things to can into has it come that in plug meaningful brokerage core all back

So that. seeing we're

like as for appreciate its build-out revenues the consistency security us don't people of the that in seven really service we we're business. That of fully that XXX the terms week, base. the And to continuing capital to is that well front. retaining in capital don't of see the generate And provide bigger why to fewer that providers a part I maybe some finance have is we're of business. year, size think be of our I ability hard and something meaningfully, as days think and brokerage. look as us on I to at abate are look have if terms client we clients the If shareholders, able scaled firms attractive enables those, by you financial that see to in a an it our of we swaps business, growth capability and the business, out of and returning tension These it's that prime back supplement, as of in us gated as anything, because are provide key to do that days there for would spread -- drivers interest also actually, because for capital our so things borrow break but to at

of bigger get So, for in opportunity to no shortage that us business.

Christopher Allen

guys. Thanks,

Operator

Okay.

comes Your Devin next from Ryan JMP with Securities. question

proceed question. your You may with

Devin Ryan

Great. Good you? morning, Jeff and are How Steve.

Jeffrey Solomon

are How Devin? Good. you

Devin Ryan

Doing well.

have outlook most investment bit to take So a banking the questions to angle on think try but going question. been asked, little I I'm different

revenues healthcare your were So X% you banking by down still in XXXX, grew investment revenues XX%.

I diversification business. think highlighting So scale that's of increased clearly and the the

if the just one franchise. think of investment to Director's some of for year helpful today can a it So some And you over then us and to the more outlook. as ago of versus kind term Managing of growth flavor would banking the the kind the intermediate give number that, takes give puts we about be in of

necessarily healthcare, realize there's revenues going bar's contribution bit, just but that So to a eventually about. you a there's that of the given have what come a your off might deals there. And still lot SPAC it high come like still are lot sounds of talked to we

Portico is still days very added at M&A bankers still ramping the XX from and last reasonable, you end the early are sustainability, backdrop You year. are of

on everyone's like into given XXXX but feels a there was hand, the the added drop-off it over in of should the healthy year. lot outlook, So XXXX you've past pretty other business just the from expecting that just a how be capacity strong

thinking about if of areas base? think we're biggest of And all? kind the to year, last some at are XXXX about, revenue of over areas off trying just I'm So of the [Indiscernible] what maybe contributed what

Jeffrey Solomon

actually Great questions. we about it's a but because opportunity -- I much, do so. me that great to don't And appreciate let I this and think talked

idea, emblematic MD XXXX, In given drive. emblematic. we -- have more with XX bankers XX revenue Hypothetically, -- this the at Director an you've Growth me we So year MDs, I'm look we'll growth. having more close XX. and is really Managing that's probably of

you of a number look frankly, reason place than same. over to really on this it's to hires account. organic we're the well in platform growth where prior at both we over total so we the XXXX, the yes, at as obviously period, different -- that's it's as it's around that said prior look when And If part acquisitions, very XXX% growth, in MD why meaningful, structurally same that pandemic, were banker of and managing the the is you directors growth So

So execute, building teams in actually the same amount. those to it's roughly

you this XXXX when us, year. In And year the MDs. XX and for with year-over-year I growth so XX at look for said, and exited we banking last as

as well So as and that's still both a of hires acquisitions. meaningful combination organic

Devin Ryan

Thanks follow-up the well Jeff. And business. as of a Great. brokerage on Okay. then the side

assets and that and just what like how you you going as well. digital market highlighted So three past presentation published comments including made, the about kind today, and addressable you on XX% all in and that's there more in new revenues the you that you're than this over you Europe of peers, the evolved two morning you've years the based guys are areas and after that's expanded when your doing by times so think

the did obviously of from of in are number coming of market, the but growth that small just I on the has some other of kind think and are expansion view the a there areas the expectation is an and and for parts very base. firm for there some market identify areas a hand, lower these challenges in brokerage you

are in think about you helpful all core very just other people initiatives and how about can, would business? it Cowen relative if the industry perform So, to brokerage given to think maybe do you then, you business that ancillary just growth contemplating are guess these think to that, I brokerage how how the the be can Jeff, in

Jeffrey Solomon

driven do and our good breaking in which institutional think the job driven growth of supplement, on think pretty we more I as a is by services think out core volume brokerage is rate. which volume not we we much the

securities the you part look that's been and business. come brokerage, but services it that prime that's the from the is has areas, that faster of outsourced at growing part And both so of obviously essential growth, trading, swaps if finance business business our

other once piece places obviously, clients, So always think you've to won't right? And brokerage were existing as you are the clients, those adding we're think are we get that what fund And -- you last about a making trend share we I more to we is, better business bigger the wouldn't of got a don't wallet a view clients, get we more share. from more as in they do do is the but part taking was from think decisions people either because are with continues have the bigger lot of scale where decade business for is in be fewer taking top been exiting that And that there. are, part the of The not terms is in driver clients question counterparties. we've the as you primary adding clients, take or the buy-side number business and with as our done to well clients you? new new our formation of clients, is

that people expense look that loads. maybe we've distribution the Devin, know skews which about that what is their best that pie the to talked as performers. the we pie of reduce overall shrinking is, So this paradox to But

get ones you're the one are and of ones zero, to hurt, performers meaningful that, the in up to everybody close goes at and middle, end other. the weakest at the going if share, from you're side share end the their to the that disproportionately So top else. of And take probably

going going as top or either over time. a to are to you're get revenue, eliminated You end up probably

buy equities, vendors business Cowen. we've performers, doesn't that's options right we've European they'd cash do quickly or top their mind is do early, top they Our t view that critical at would all. dissipate we're they best are Then be mentioned in to think of ten with to ADR towards when doesn't rather to call within what a whether at to skew demonstrated, that circle that that reasons services. build well taken Cowen, brokerage as for the we're of execution, votes That unbuilt swaps, call and electronic, I be s, I in prime of And get provider that we at the years to business going means side. looking events, continue that's capability for they're ensure it because this

side new in our this the products average it's it's we've of much quantum added that fact trend why underappreciated. in back The that business stability -- changes made And that's moving -- area. -pandemic the towards what Pre revenues us do leap think allocating more and this trend Pre to I fact, I to were. we again, -pandemic, to of the Cowen. feel In a investments and made to is think a not -- make where keeps the continue made waiting we interesting buy which in everyone happen, that's we And risk We why it's drive our to post-pandemic, going performers we the pre run highlight. they really top for go of -pandemic over-arching central to are because one. at people, book structural not to start daily the the is we we've

make really who then, people market like sheet get their us, balance and good who look -- to job to they So very use the XX. they bulk really to falls use i.e. and it the the into few, a in at sheet risks, top order when position to in at Right? you particular, do those and their willing markets, And don't of that, it balance up have share. bulge are equity take

Ours agency And us. driven. is efficient is hugely largely for capital agency, that

Devin Ryan

based Jeff, of the a things But How you react you mean, within not to that has side just view is you structural put growth growth years Cowen there's right opinion. that the result, industry. low shift said? is Cowen, my brokerage past revenue I and that and made the that's that market. outperformed it to how a growth Jeff, together, do been low on brokerages few good as happening just been the those low all in decisions XX% you been the perception do all the on in so growth react to of of

Jeffrey Solomon

tells to our custody, in the equities XXXX, XXXX, is grown three and get meaningful. over a the there's business, look trend be trading but decade. and back spun you, were to up a we're more will numbers come platform again, people the occur, tell poly market. need out and us pursued, is they've to when our your meaningfully from begin tell We'd electronic but I five different XX detail the to capability growth years or We shape all is tipping COWIN more trading identified believe not people couldn't that years of going people we Again, to ago. next begins ago about to fully a share hard all go that value the own sign, to build even will algorithmic digital then testament years, do asset also think know asset meaningfully how that growth it's told that platform. take digital buying taken. more business. in revenues point you That digital Digital. In know to we the it year was crazy the be huge an to look not sooner And do at just make to now that whether of areas, a into for to we or in strategy and our of we Again, a as that you which see because perception to don't that I told yet, and than is I appreciated. in not investment as friends out it all cash to when like I is that's trading prepared equities you how set the disagree not remains into at eliminated asset true. more including we trading me going our electronic it at for

insight trading lot we trade going, we out there. that out There's them. intend is business firm. institutional we classes retail, the we firms. the over institutions So institutional in, to be to And, We in have same three XXXX think digital quality a years, the one asset asset way into there to to lot of was be asset five not and where good trading want of are look digital a world-class, a but a going the over we next looked not really of

terms lengths in that's still to And so, when put are meaningful they equities our you where of share of that take of it who are I about determined, know I all going will that growth, us they can what tell numbers a be to excited Cowen is get trading. so is that's with nowhere it's they many nowhere is really do going do them. be and I know in which and know I it and and that why the when you to talk winner our today. just position with it of do trading a numbers is revenue we're today about people happen there, in When digital happens. to be strategy I asset for I've how in And going we talked case to the considering as that their be too but

Devin Ryan

so much, Thanks Jeff. Appreciate it.

Jeffrey Solomon

Great.

Operator

And you. Thank Instructions].

from Yaro Our comes with question. with Proceed your question next Goldman James Senior. Sachs

James Yaro

to Thanks. the morning. on trajectory capital advisory markets business. [Indiscernible] And touch for good

all-time this the record near quarter. were You

result here. from If build sustainability to And the run drove these particular. of results speak this what quarter just the and then rate you the off can to to in

Jeffrey Solomon

The of private the April clients are doing? since been fact market, So may environment Great. of nine do have What would've we for our want driven for debt private I that would have otherwise raising we've to may talking I of I and SPAC of deals. to XXXX. simply market off markets but We're them companies think that so alternative January, for rest about Xst speculative the a SPAC tings up caught but for at growth don't when so in the market been financing, advisory placements, a businesses equity a capital great lot in -- the equity really looked the opera finance that said, be done need a industries let's really, themselves, call it that we've clear, number of I of otherwise private to market really broader bear lot ways markets been business transactions, the a hasn't month the to the is months. what be exactly placements, so in and SPAC

are of in SPAC has underwriting both So back ends, been as as, in some equity doing of maybe the has clients traditional flattened things. our and public that other the business account out it,

the some capital street, of a ability plans. to of markets our what is terms the their way at advisory And we've which is of you're multitude The need need the softer. the think things. on for get to other markets just ways the from to built because to financing growth is that's our offer doesn't they so continue in changes capital the there. clients help Particular yourselves. growth aren't business What why advisory you're ability and to And seeing pivot to to as come. other capital And unique seeing appear clients finance Cowen, businesses change execute markets you I the the

James Yaro

overall the want about business. common of from significantly assets I on leverage to in at, know if and leverage in should swap then tangible And increased versus feel leverage I in balance changes the as to versus margining has you that have just where are change times level the Okay. been tangible sheet terms you your the over comfortable rules, this in the the I there but equity ask your past few What's quarter? six XXXX. XX of that business operating years times about less of compare than

Jeffrey Solomon

The primary finance growth securities the biggest business. the of and has driver been the that of driver

matchbook a business. clear, that's to just be So

think huge that business the seen That for sides acting we funding balance you've really that. there. overnight very not the an on us, driving an have up So a intermediary years both which with, as trade is comfortable we're sheet did of is largely for We're as sides, it's and business go I risk both we

us. level where for year comfortable And is a so we the think I ended

quarter. where down go Actually, modestly. we it the third down ended think I look could at it year, if you was over from the

play and been growth around think are and the so, you business that, where leverage finance, meaningful. us not we continue obviously primary but much Obviously, in a has been the within in that -- have around targets the to have more in reallocate are, contributor. I and this the ability see area. securities, we are to But has And will the driver we meaningful

Operator

Thanks.

with Mody Sumeet from comes Piper question next Sandler. Your

question. may with You your proceed

Sumeet Mody

Hey, thanks.

Just view maybe portion long rates the that to business activity the levels business, the following banking you update the on banking on us of seeing interest opportunity talk forward, up smaller side and of with the increase. set that about here, of you're just kind Can on curious more of debt going medium to business there term?

Jeffrey Solomon

activity like Actually, activity. meaningfully we've seen increased increased

is, amount and that in call at the business the that the growth would as specular and are primary specular as So a a well of to number a things what lot might What debt lot of an funds, the alternative in doing that in we're debt it floating I in out the growth as further of I market. credit really to be our maybe, dollars middle will are of, that little both rate equity companies terms looking of nature growth is has do in finance. of with say or driver middle-market

been the by So of there in supply and the money form. increase in raised alternative demand. And has more rates, providers that despite

been to direct project Sumeet ever more So there the I that people think there's right? has happen. space lending lenders, business, think they and what will so tend The alternative than and in forward money

the activity the and fall and rising money though six the of rate market rate you funds or year. end themselves are as for activity, And environment, to of six will the get We in growth in cycle, those or for hikes the that be even if will providers we might hikes, future pricing be deployed. interest that the rate people course even of discussion yield over last look this If at zero seven the because it's look in bigger a curve. got short still continue will rate over for people that are looking yield, foreseeable of next any zero of capital almost to that seven

a it finance. bit hiccup, pitch a looks mandates increased market every we're everybody again, the very still because has themselves debt get and a at the time little seeing market the market number and the to So equity of robust of count,

we've us increase an come pitch in In for year and for it And capabilities requests to XXXX. mandates so inbound has meaningfully. those the seen in of far the count this increased the number pitch so in

Sumeet Mody

Great, thanks.

Jeffrey Solomon

Great.

Operator

your Steven next comes proceed from Chubak Research, question. Thank Wolfe you may you, our question with with

Steven Chubak

update much give you on could I thanks give accommodating in the IPO you we've to just partners of then and recent the nearly seen? air planned monetization’s, Hi, for the the hoping of plans follow-up. other plant healthcare of modernization was that especially for didn't assets, the did Jeff, an volatility Play some light royalty -- non-core

Jeffrey Solomon

in in think remind we're operations a value I a from a been the at which network. change long mentioned, like, to retail pre we what investment we those year you time know this mentioned of was There's Well, there running monetization again, inclined I'll announcements look it's the think are structural realizing own Linkem, Day at thing. the path, which looking for -- that's for at just the There's Investor a that from split away our same I I'm change Asset of you Cowen the of Co, the Jeffrey control in build-out meaningful finally shareholders that. point the the a by doing, I at we that -- hopefully have the don't been -stage as deck, you real coming. while, good of terms is businesses a on occurred. the timing partners fact they more XG structural reaching that way say to than if they the in their we're and been here pursue own our ultimately

feel you that at some makes of this the happening good that So about probability point year.

is focusing look demand been if in a it's where again, of far we're they to continuing actually can And of business, middle year, they the of putting couldn't concerned, on driver work side and and thing that. they when the inside money they're their that for the seeing in of have base, As what vehicles. the went back they of as you at healthcare to performance. Ultimately royalty pocket deploy banking more to through raising that's our future same the simply asset the we're doing, part growing partners work that capital capital bunch public get the

to at us makes I think vehicle. this Cowen that but doesn't that it It remotely be the franchise capital they again, point valuable not recognized. change. that that when is It's some highly will a value and lot a for a how very I happens just happens continue, for its to does. of still dependent, sense permanent think And market

the know As our are the in you balance asset on all that sheet. managers we have investments not

my that's work time when but environment business to the we just access And so to if continue on going is these up the realize to do, remain if the really grow continue thing hope that. demand, continue some to will financing They'll to meantime, equity to at point to to of the given thing be markets, is value. figure able an some out with of them do, public markets the is do that's optimal to especially because expensive, constructive public where companies. to we're right right we in so of the business, And in the we'll values

Steven Chubak

Thanks job. accommodating for That's great the follow-up.

Jeffrey Solomon

No problem.

Operator

to for closing I'm And time. I further remarks. any like any now to showing Mr. Jeffrey questions would you. not call this back at Thank Solomon, over turn the

Jeffrey Solomon

appreciate really we we quarterly up for hope we XX, and will your look, on join Well, you next everybody's you calendars. look this to We call morning's time hosting on Investor call that and May our forward earnings our us support. obviously Day, we on on put that so please your following with appreciate where be will

more We of future. today, strategies will some spend lot spend and time a depth we locked covered on strategy in on Cowen on for topics value more much a time going in lot the

So we sign that. you for do up to encourage

and Be healthy, So be until good time. next safe, luck.

Operator

This you for you. Thank participating. today's concludes conference Thank call.

may disconnect. You now

Jeffrey Solomon	Chief Executive Officer
Stephen Lasota	Chief Financial Officer
J.T. Farley	Head of Investor Relations
Sumeet Moody	Piper Sandler
Stephen Chubak	Wolfe Research
Christopher Allen	Compass Point
Devin Ryan	JMP Securities
James Yaro	Goldman Sachs

Cowen (COWN) 16 Feb 222021 Q4 Earnings call transcript