Cohen & Company Inc. (NYSE American: COHN), a financial
services firm specializing in an expanding range of capital markets
and asset management services, today reported financial results for
its first quarter ended March 31, 2024.
Summary Operating Results |
|
|
Three Months Ended |
($ in thousands) |
3/31/24 |
|
12/31/23 |
|
3/31/23 |
|
|
|
|
|
|
Net trading |
$ |
9,848 |
|
|
$ |
7,809 |
|
|
$ |
8,210 |
|
Asset management |
|
2,717 |
|
|
|
1,919 |
|
|
|
2,025 |
|
New issue and advisory |
|
24,388 |
|
|
|
18,722 |
|
|
|
900 |
|
Principal transactions and other revenue |
|
(18,389 |
) |
|
|
6,014 |
|
|
|
(2,311 |
) |
Total revenues |
|
18,564 |
|
|
|
34,464 |
|
|
|
8,824 |
|
Compensation and benefits |
|
14,839 |
|
|
|
16,335 |
|
|
|
10,537 |
|
Non-compensation operating expenses |
|
7,100 |
|
|
|
6,680 |
|
|
|
5,770 |
|
Goodwill impairment |
|
- |
|
|
|
- |
|
|
|
- |
|
Operating income (loss) |
|
(3,375 |
) |
|
|
11,449 |
|
|
|
(7,483 |
) |
Interest expense, net |
|
(1,666 |
) |
|
|
(1,619 |
) |
|
|
(1,592 |
) |
Other non-operating income |
|
- |
|
|
|
- |
|
|
|
- |
|
Income (loss) from equity method affiliates |
|
29,045 |
|
|
|
17,217 |
|
|
|
(395 |
) |
Income (loss) before income tax expense (benefit) |
|
24,004 |
|
|
|
27,047 |
|
|
|
(9,470 |
) |
Income tax expense (benefit) |
|
498 |
|
|
|
166 |
|
|
|
584 |
|
Net income (loss) |
|
23,506 |
|
|
|
26,881 |
|
|
|
(10,054 |
) |
Less: Net income (loss) attributable to the non-convertible
non-controlling interest |
|
16,270 |
|
|
|
11,054 |
|
|
|
97 |
|
Enterprise net income (loss) |
|
7,236 |
|
|
|
15,827 |
|
|
|
(10,151 |
) |
Less: Net income (loss) attributable to the convertible
non-controlling interest |
|
5,213 |
|
|
|
11,279 |
|
|
|
(7,514 |
) |
Net income (loss) attributable to Cohen & Company Inc. |
$ |
2,023 |
|
|
$ |
4,548 |
|
|
$ |
(2,637 |
) |
Fully diluted net income (loss) per share |
$ |
1.28 |
|
|
$ |
2.97 |
|
|
$ |
(1.77 |
) |
|
|
|
|
|
|
Adjusted pre-tax income (loss) (1) |
$ |
7,734 |
|
|
$ |
15,993 |
|
|
$ |
(9,567 |
) |
Fully diluted adjusted pre-tax income (loss) per share |
$ |
1.37 |
|
|
$ |
2.88 |
|
|
$ |
(1.74 |
) |
|
|
|
|
|
|
(1) Adjusted pre-tax income (loss) is not a
measure recognized under U.S. generally accepted accounting
principles (“GAAP”). See Note 1 below. |
|
Lester Brafman, Chief Executive Officer of Cohen
& Company, said, “We are very pleased to report our second
consecutive quarter of strong earnings. 2024 is off to a great
start with adjusted pre-tax income of $7.7 million and earnings per
share of $1.28 in the first quarter. Over the last six months, we
have generated over $23 million of adjusted pre-tax income and
$4.25 of earnings per share.
“Despite the on-going challenging market
environment, we continue to invest in our full-service boutique
investment banking operation, Cohen & Company Capital Markets
(“CCM”), which has grown to 23 professionals. During the past two
years, we repositioned the business with a focus on CCM and we are
beginning to see our robust pipeline deliver through the P&L.
We are particularly proud of the fact that CCM has become a leading
advisor for De-SPAC transactions.
“Our net trading operations are also off to a
strong start. In the first quarter, net trading revenue increased
26% from the prior quarter. In January, we announced the hiring of
George Holstead as the head of our new Middle Markets Group, and we
have since hired four traders and two salespeople into that group.
Although we continue to experience unfavorable volatility in
negative mark-to-market adjustments on our principal investing
portfolio, we are well positioned for continued growth.
“We are excited about the momentum we have built
as we look to capitalize on the tremendous opportunity to grow our
topline revenue and profitability. We will continue to invest
prudently in revenue generating talent and additional
diversification of our offerings. Moving forward, we remain focused
on enhancing stockholder value, including through continued payment
of our quarterly dividend.”
Financial Highlights
- Net income attributable to Cohen
& Company Inc. was $2.0 million, or $1.28 per diluted share,
for the three months ended March 31, 2024, compared to net income
of $4.5 million, or $2.97 per diluted share, for the three months
ended December 31, 2023, and net loss of $2.6 million, or $1.77 per
diluted share, for the three months ended March 31, 2023. Adjusted
pre-tax income was $7.7 million, or $1.37 per diluted share, for
the three months ended March 31, 2024, compared to adjusted pre-tax
income of $16.0 million, or $2.88 per diluted share, for the three
months ended December 31, 2023, and adjusted pre-tax loss of $9.6
million, or $1.74 per diluted share, for the three months ended
March 31, 2023. Adjusted pre-tax income (loss) and adjusted pre-tax
income (loss) per diluted share are not measures recognized under
GAAP. See Note 1 below.
- Revenues were $18.6 million for the
three months ended March 31, 2024, compared to $34.5 million for
the prior quarter and $8.8 million for the prior year quarter.
- Net trading revenue was $9.8
million for the three months ended March 31, 2024, up $2.0 million
from the prior quarter and up $1.6 million from the prior year
quarter. The increase from both prior quarters was due primarily to
higher trading revenue from our corporate and mortgage groups.
- Asset management revenue was $2.7
million for the three months ended March 31, 2024, up $0.8 million
from the prior quarter and up $0.7 million from the prior year
quarter. The increase from both prior quarters was related
primarily to a deferred performance fee in one of our European
funds that was recorded in the first quarter.
- New issue and advisory revenue was
$24.4 million for the three months ended March 31, 2024, up $5.7
million from the prior quarter and up $23.5 million from the prior
year quarter.
- Principal transactions and other
revenue was negative $18.4 million for the three months ended March
31, 2024, compared to positive $6.0 million in the prior quarter
and negative $2.3 million in the prior year quarter. In all
quarters presented, the principal transactions and other revenue
was primarily due to mark-to-market adjustments on the Company’s
principal investment portfolio.
- Compensation and benefits expense
during the three months ended March 31, 2024 decreased $1.5 million
from the prior quarter and increased $4.3 million from the prior
year quarter. The number of Company employees was 116 as of March
31, 2024, compared to 118 as of December 31, 2023, and 121 as of
March 31, 2023.
- Interest expense during the three
months ended March 31, 2024 was up slightly from the prior periods.
The increase from both prior periods was primarily due to higher
interest on our redeemable financial instrument, partially offset
by lower interest on our trust preferred securities debt and our
bank credit facility.
- Income from equity method
affiliates for the three months ended March 31, 2024 was $29.0
million, compared to income from equity method affiliates of $17.2
million for the prior quarter and loss from equity method
affiliates of $0.4 million for the prior year quarter. The increase
in the current quarter was primarily driven by $32.7 million of
income from our equity method investments in the sponsors of six
special purpose acquisition companies (SPACs) that closed their
business combinations during the first quarter of 2024, which
resulted in an increase in value of the founder shares to which we
are entitled to an allocation from the sponsors. For the three
months ended March 31, 2024, there was an offsetting credit
recorded in the net income (loss) attributable to the
non-convertible non-controlling interest line item of $16.7 million
related to the six SPACs that closed their business combinations
during the first quarter of 2024.
- Income tax expense for the three
months ended March 31, 2024 was $0.5 million, compared to income
tax expense of $0.2 million in the prior quarter, and income tax
expense of $0.6 million in the prior year quarter. The Company will
continue to evaluate its operations on a quarterly basis and may
adjust the valuation allowance applied against the Company's net
operating loss and net capital loss tax assets. Future adjustments
could be material and may result in additional tax benefit or tax
expense.
Total Equity and Dividend Declaration
- As of March 31, 2024, total equity
was $113.3 million, compared to $91.8 million as of December 31,
2023; the non-convertible non-controlling interest component of
total equity was $25.9 million as of March 31, 2024 and $9.6
million as of December 31, 2023. Thus, the total equity excluding
the non-convertible non-controlling interest component was $87.4
million as of March 31, 2024, a $5.2 million increase from $82.2
million as of December 31, 2023.
- The Company’s Board of Directors
has declared a quarterly dividend of $0.25 per share, payable on
June 5, 2024, to stockholders of record as of May 20, 2024. The
Board of Directors will continue to evaluate the dividend policy
each quarter, and future decisions regarding dividends may be
impacted by quarterly operating results and the Company’s capital
needs.
Conference Call
The Company will host a conference call at 10:00
a.m. Eastern Time (ET), today, May 6, 2024, to discuss these
results. The conference call will be available via webcast.
Interested parties can access the webcast by clicking the webcast
link on the Company’s homepage at www.cohenandcompany.com. Those
wishing to listen to the conference call with operator assistance
can dial (877) 524-8416 (domestic) or +1 (412) 902-1028
(international). A replay of the call will be available for three
days following the call by dialing (877) 660-6853 or (201)
612-7415, with participant passcode 13738623.
About Cohen & Company
Cohen & Company is a financial services
company specializing in an expanding range of capital markets and
asset management services. Cohen & Company’s operating segments
are Capital Markets, Asset Management, and Principal Investing. The
Capital Markets segment consists of fixed income sales, trading,
and gestation repo financing as well as new issue placements in
corporate and securitized products, and advisory services,
operating primarily through Cohen & Company’s subsidiaries,
J.V.B. Financial Group, LLC in the United States and Cohen &
Company Financial (Europe) S.A. in Europe. A division of JVB, Cohen
& Company Capital Markets is the Company’s leading boutique
investment bank that provides innovative strategic and financial
advice in M&A, capital markets, and SPAC advisory. The Asset
Management segment manages assets through collateralized debt
obligations, managed accounts, and investment funds. As of March
31, 2024, the Company managed approximately $2.3 billion in
primarily fixed income assets in a variety of asset classes
including US and European trust preferred securities, subordinated
debt, and corporate loans. The Principal Investing segment is
comprised primarily of investments the Company holds related to its
SPAC franchise and other investments the Company has made for the
purpose of earning an investment return rather than investments
made to support its trading or other capital markets business
activity. For more information, please visit
www.cohenandcompany.com.
Note 1: Adjusted pre-tax income
(loss) and adjusted pre-tax income (loss) per share are non-GAAP
measures of performance. Please see the discussion under “Non-GAAP
Measures” below. Also see the tables below for the reconciliations
of non-GAAP measures of performance to their corresponding GAAP
measures of performance.
Forward-looking Statements
This communication contains certain statements,
estimates, and forecasts with respect to future performance and
events. These statements, estimates, and forecasts are
“forward-looking statements.” In some cases, forward-looking
statements can be identified by the use of forward-looking
terminology such as “may,” “might,” “will,” “should,” “expect,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “seek,” or “continue” or the negatives thereof or
variations thereon or similar terminology. All statements other
than statements of historical fact included in this communication
are forward-looking statements and are based on various underlying
assumptions and expectations and are subject to known and unknown
risks, uncertainties, and assumptions, and may include projections
of our future financial performance based on our growth strategies
and anticipated trends in our business. These statements are based
on our current expectations and projections about future events.
There are important factors that could cause our actual results,
level of activity, performance, or achievements to differ
materially from the results, level of activity, performance, or
achievements expressed or implied in the forward-looking statements
including, but not limited to, those discussed under the heading
“Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition” in our filings with the Securities and
Exchange Commission (“SEC”), which are available at the SEC’s
website at www.sec.gov and our website at
www.cohenandcompany.com/investor-relations/sec-filings. Such risk
factors include the following: (a) a decline in general economic
conditions or the global financial markets, including those caused
by inflation, raising interest rates, and the current geopolitical
situation, (b) losses caused by financial or other problems
experienced by third parties, (c) losses due to unidentified or
unanticipated risks, (d) a lack of liquidity, i.e., ready access to
funds for use in our businesses, (e) the ability to attract and
retain personnel, (f) litigation and regulatory issues, (g)
competitive pressure, (h) an inability to generate incremental
income from new or expanded businesses, (i) unanticipated market
closures or effects due to inclement weather or other disasters,
(j) losses (whether realized or unrealized) on our principal
investments, (k) the possibility that payments to the Company of
subordinated management fees from its CDOs will continue to be
deferred or will be discontinued, (l) the possibility that the
Company’s stockholder rights plan may fail to preserve the value of
the Company’s deferred tax assets, whether as a result of the
acquisition by a person of 5% of the Company’s common stock or
otherwise, (m) the Company’s reduction in the volume of its
investments into SPACs, (n) the difficulty in identifying potential
business combinations as a result of increased competition in the
SPAC market, (o) the value of our holdings of founders shares in
post-business combination companies is volatile and may decline and
the possibility that significant portions of the founder shares may
remain restricted for a long period of time, (p) the possibility
that the Company will stop paying quarterly dividends to its
stockholders, (q) the possibility that the Company will incur
additional losses liquidating collateral related to a reverse repo
with now bankrupt First Guaranty Mortgage Corporation, and (r) the
impacts of rising interest rates and inflation. As a result, there
can be no assurance that the forward-looking statements included in
this communication will prove to be accurate or correct. In light
of these risks, uncertainties, and assumptions, the future
performance or events described in the forward-looking statements
in this communication might not occur. Accordingly, you should not
rely upon forward-looking statements as a prediction of actual
results and we do not undertake any obligation to update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Cautionary Note Regarding Quarterly Financial
Results
Due to the nature of our business, our revenue
and operating results may fluctuate materially from quarter to
quarter. Accordingly, revenue and net income in any particular
quarter may not be indicative of future results. Further, our
employee compensation arrangements are in large part
incentive-based and, therefore, will fluctuate with revenue. The
amount of compensation expense recognized in any one quarter may
not be indicative of such expense in future periods. As a result,
we suggest that annual results may be the most meaningful gauge for
investors in evaluating our business performance.
COHEN & COMPANY INC. |
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
3/31/24 |
|
12/31/23 |
|
3/31/23 |
|
|
Revenues |
|
|
|
|
|
|
|
Net trading |
$ |
9,848 |
|
|
$ |
7,809 |
|
|
$ |
8,210 |
|
|
|
Asset management |
|
2,717 |
|
|
|
1,919 |
|
|
|
2,025 |
|
|
|
New issue and advisory |
|
24,388 |
|
|
|
18,722 |
|
|
|
900 |
|
|
|
Principal transactions and other revenue |
|
(18,389 |
) |
|
|
6,014 |
|
|
|
(2,311 |
) |
|
|
Total revenues |
|
18,564 |
|
|
|
34,464 |
|
|
|
8,824 |
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Compensation and benefits |
|
14,839 |
|
|
|
16,335 |
|
|
|
10,537 |
|
|
|
Business development, occupancy, equipment |
|
1,441 |
|
|
|
1,317 |
|
|
|
1,301 |
|
|
|
Subscriptions, clearing, and execution |
|
2,086 |
|
|
|
2,088 |
|
|
|
2,125 |
|
|
|
Professional services and other operating |
|
3,449 |
|
|
|
3,145 |
|
|
|
2,200 |
|
|
|
Depreciation and amortization |
|
124 |
|
|
|
130 |
|
|
|
144 |
|
|
|
Total operating expenses |
|
21,939 |
|
|
|
23,015 |
|
|
|
16,307 |
|
|
|
Operating income (loss) |
|
(3,375 |
) |
|
|
11,449 |
|
|
|
(7,483 |
) |
|
|
Non-operating income (expense) |
|
|
|
|
|
|
|
Interest expense, net |
|
(1,666 |
) |
|
|
(1,619 |
) |
|
|
(1,592 |
) |
|
|
Income (loss) from equity method affiliates |
|
29,045 |
|
|
|
17,217 |
|
|
|
(395 |
) |
|
|
Income (loss) before income tax expense (benefit) |
|
24,004 |
|
|
|
27,047 |
|
|
|
(9,470 |
) |
|
|
Income tax expense (benefit) |
|
498 |
|
|
|
166 |
|
|
|
584 |
|
|
|
Net income (loss) |
|
23,506 |
|
|
|
26,881 |
|
|
|
(10,054 |
) |
|
|
Less: Net income (loss) attributable to the non-convertible
non-controlling interest |
|
16,270 |
|
|
|
11,054 |
|
|
|
97 |
|
|
|
Enterprise net income (loss) |
|
7,236 |
|
|
|
15,827 |
|
|
|
(10,151 |
) |
|
|
Less: Net income (loss) attributable to the convertible
non-controlling interest |
|
5,213 |
|
|
|
11,279 |
|
|
|
(7,514 |
) |
|
|
Net income (loss) attributable to Cohen & Company Inc. |
$ |
2,023 |
|
|
$ |
4,548 |
|
|
$ |
(2,637 |
) |
|
|
|
|
|
|
|
|
|
Earnings per share |
|
Basic |
|
|
|
|
|
|
|
Net income (loss) attributable to Cohen & Company Inc. |
$ |
2,023 |
|
|
$ |
4,548 |
|
|
$ |
(2,637 |
) |
|
|
Basic shares outstanding |
|
1,581 |
|
|
|
1,522 |
|
|
|
1,489 |
|
|
|
Net income (loss) attributable to Cohen & Company Inc. per
share |
$ |
1.28 |
|
|
$ |
2.99 |
|
|
$ |
(1.77 |
) |
|
|
Fully Diluted |
|
|
|
|
|
|
|
Net income (loss) attributable to Cohen & Company Inc. |
$ |
2,023 |
|
|
$ |
4,548 |
|
|
$ |
(2,637 |
) |
|
|
Net income (loss) attributable to the convertible non-controlling
interest |
|
5,213 |
|
|
|
- |
|
|
|
(7,514 |
) |
|
|
Income tax and conversion adjustment |
|
(31 |
) |
|
|
- |
|
|
|
435 |
|
|
|
Net income (loss) attributable to Cohen & Company Inc. for
fully diluted net income (loss) per share calculation |
$ |
7,205 |
|
|
$ |
4,548 |
|
|
$ |
(9,716 |
) |
|
|
Basic shares outstanding |
|
1,581 |
|
|
|
1,522 |
|
|
|
1,489 |
|
|
|
Unrestricted Operating LLC membership units exchangeable into COHN
shares |
|
4,052 |
|
|
|
- |
|
|
|
3,998 |
|
|
|
Additional dilutive shares |
|
12 |
|
|
|
9 |
|
|
|
- |
|
|
|
Fully diluted shares outstanding (1) |
|
5,645 |
|
|
|
1,531 |
|
|
|
5,487 |
|
|
|
Fully diluted net income (loss) per share |
$ |
1.28 |
|
|
$ |
2.97 |
|
|
$ |
(1.77 |
) |
|
|
|
|
|
|
|
|
|
Reconciliation of adjusted pre-tax income (loss) to net income
(loss) attributable to Cohen & Company Inc. and calculations of
per share amounts |
|
Net income (loss) attributable to Cohen & Company Inc. |
$ |
2,023 |
|
|
$ |
4,548 |
|
|
$ |
(2,637 |
) |
|
|
Addback (deduct): Income tax expense (benefit) |
|
498 |
|
|
|
166 |
|
|
|
584 |
|
|
|
Addback (deduct): Net income (loss) attributable to the convertible
non-controlling interest |
|
5,213 |
|
|
|
11,279 |
|
|
|
(7,514 |
) |
|
|
Adjusted pre-tax income (loss) |
$ |
7,734 |
|
|
$ |
15,993 |
|
|
$ |
(9,567 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted fully diluted shares outstanding (2) |
|
5,645 |
|
|
|
5,546 |
|
|
|
5,505 |
|
|
|
Fully diluted adjusted pre-tax income (loss) per share |
$ |
1.37 |
|
|
$ |
2.88 |
|
|
$ |
(1.74 |
) |
|
|
|
|
|
|
|
|
|
|
(1) When the fully diluted net income (loss) per share is
anti-dilutive, the basic shares outstanding are presented on this
line item. |
|
|
(2) Adjusted fully diluted shares outstanding includes (a) weighted
average unrestricted and restricted Operating LLC units
exchangeable into COHN shares and (b) weighted average unrestricted
and restricted shares, even during periods when the corresponding
GAAP calculation of fully diluted shares outstanding above does not
include them. The Operating LLC units are always included because
the non-GAAP measure of performance, adjusted pre-tax income
(loss), always includes net income (loss) attributable to the
corresponding convertible interest. |
|
|
|
|
|
|
|
|
|
COHEN & COMPANY INC. |
CONSOLIDATED BALANCE SHEETS |
(in thousands) |
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
|
|
|
(unaudited) |
|
December 31, 2023 |
|
|
Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
11,829 |
|
|
$ |
10,650 |
|
|
|
Receivables from brokers, dealers, and clearing agencies |
|
68,105 |
|
|
|
66,801 |
|
|
|
Due from related parties |
|
998 |
|
|
|
772 |
|
|
|
Other receivables |
|
6,784 |
|
|
|
5,373 |
|
|
|
Investments - trading |
|
165,903 |
|
|
|
181,328 |
|
|
|
Other investments, at fair value |
|
59,533 |
|
|
|
72,217 |
|
|
|
Receivables under resale agreements |
|
692,438 |
|
|
|
408,408 |
|
|
|
Investment in equity method affiliates |
|
43,281 |
|
|
|
14,241 |
|
|
|
Deferred income taxes |
|
1,639 |
|
|
|
1,580 |
|
|
|
Goodwill |
|
109 |
|
|
|
109 |
|
|
|
Right-of-use asset - operating leases |
|
7,000 |
|
|
|
7,541 |
|
|
|
Other assets |
|
3,706 |
|
|
|
3,741 |
|
|
|
Total assets |
$ |
1,061,325 |
|
|
$ |
772,761 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Payables to brokers, dealers, and clearing agencies |
$ |
110,856 |
|
|
$ |
111,085 |
|
|
|
Accounts payable and other liabilities |
|
10,104 |
|
|
|
8,115 |
|
|
|
Accrued compensation |
|
13,176 |
|
|
|
17,268 |
|
|
|
Trading securities sold, not yet purchased |
|
57,115 |
|
|
|
65,751 |
|
|
|
Other investments sold, not yet purchased, at fair value |
|
20,217 |
|
|
|
24,742 |
|
|
|
Securities sold under agreements to repurchase |
|
690,900 |
|
|
|
408,203 |
|
|
|
Due to related parties |
|
437 |
|
|
|
- |
|
|
|
Operating lease liability |
|
7,632 |
|
|
|
8,216 |
|
|
|
Redeemable financial instruments |
|
7,868 |
|
|
|
7,868 |
|
|
|
Debt |
|
29,697 |
|
|
|
29,716 |
|
|
|
Total liabilities |
|
948,002 |
|
|
|
680,964 |
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
Voting non-convertible preferred stock |
|
27 |
|
|
|
27 |
|
|
|
Common stock |
|
19 |
|
|
|
19 |
|
|
|
Additional paid-in capital |
|
75,314 |
|
|
|
74,594 |
|
|
|
Accumulated other comprehensive loss |
|
(969 |
) |
|
|
(944 |
) |
|
|
Accumulated deficit |
|
(30,638 |
) |
|
|
(32,014 |
) |
|
|
Total stockholders' equity |
|
43,753 |
|
|
|
41,682 |
|
|
|
Non-controlling interest |
|
69,570 |
|
|
|
50,115 |
|
|
|
Total equity |
|
113,323 |
|
|
|
91,797 |
|
|
|
Total liabilities and equity |
$ |
1,061,325 |
|
|
$ |
772,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
Adjusted pre-tax income (loss) and adjusted
pre-tax income (loss) per diluted share
Adjusted pre-tax income (loss) is not a
financial measure recognized by GAAP. Adjusted pre-tax income
(loss) represents net income (loss) attributable to Cohen &
Company Inc., computed in accordance with GAAP, excluding income
tax expense (benefit), plus the net income (loss) attributable to
the convertible non-controlling interest. Income tax expense
(benefit) has been excluded because a pre-tax measurement of
enterprise earnings that includes net income (loss) attributable to
the convertible non-controlling interest is a useful and
appropriate measure of performance. Furthermore, our income tax
expense (benefit) has been, and we expect it will continue to be, a
substantially non-cash item for the foreseeable future, generated
from adjustments in our valuation allowance applied to the
Company’s gross deferred tax assets. Convertible non-controlling
interest is added back to adjusted pre-tax income because the
underlying Cohen & Company, LLC equity units are convertible
into Cohen & Company Inc. shares. Adjusted pre-tax income
(loss) per diluted share is calculated by dividing adjusted pre-tax
income (loss) by diluted shares outstanding, both of which include
adjustments used in the corresponding calculation in accordance
with GAAP.
We present adjusted pre-tax income (loss) and
related per diluted share amounts in this release because we
consider them to be useful and appropriate supplemental measures of
our performance. Adjusted pre-tax income (loss) and related per
diluted share amounts help us to evaluate our performance without
the effects of certain GAAP calculations that may not have a direct
cash or recurring impact on our current operating performance. In
addition, our management uses adjusted pre-tax income (loss) and
related per diluted share amounts to evaluate the performance of
our enterprise operations. Adjusted pre-tax income (loss) and
related per diluted share amounts, as we define them, are not
necessarily comparable to similarly named measures of other
companies and may not be appropriate measures for performance
relative to other companies. Adjusted pre-tax income (loss) should
not be assessed in isolation from or construed as a substitute for
net income (loss) attributable to Cohen & Company Inc. prepared
in accordance with GAAP. Adjusted pre-tax income (loss) is not
intended to represent and should not be considered to be a more
meaningful measure than, or an alternative to, measures of
operating performance as determined in accordance with GAAP.
Contact: |
|
|
|
|
|
Investors
- |
|
Media - |
Cohen & Company Inc. |
|
Joele Frank, Wilkinson Brimmer
Katcher |
Joseph W. Pooler, Jr. |
|
Joseph Sala or Zach
Genirs |
Executive Vice President
and |
|
212-355-4449 |
Chief Financial Officer |
|
|
215-701-8952 |
|
|
investorrelations@cohenandcompany.com |
|
|
|
|
|
Cohen & (AMEX:COHN)
Graphique Historique de l'Action
De Nov 2024 à Déc 2024
Cohen & (AMEX:COHN)
Graphique Historique de l'Action
De Déc 2023 à Déc 2024