COWEN INC. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021	FY2020 12 months to Dec 31, 2020	FY2019 12 months to Dec 31, 2019	FY2018 12 months to Dec 31, 2018
Cash flows from operating activities:
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities:
Bargain purchase gain, net of tax
Depreciation and amortization
Gain (Loss) on Disposition of Business
Goodwill Impairment
Amortization of debt issuance costs
Amortization of debt discount (premium)
Noncash lease expense
Impairment of Leasehold
Asset Impairment Charges
(Gain) / loss on extinguishment of debt
Excess Tax Benefit from Share-based Compensation, Operating Activities
Share-based awards
Change in deferred taxes
Deferred rent obligations
Net loss (gain) on disposal of fixed assets
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability
Contingent liability adjustment
Purchases of securities owned, at fair value
Proceeds from sales of securities owned, at fair value
Proceeds from sales of securities sold, not yet purchased, at fair value
Payments to cover securities sold, not yet purchased, at fair value
Proceeds from sales of other investments
Investment income (loss) principal transactions, net
Consolidated Funds
Purchases of securities owned, at fair value
Proceeds from sales of securities owned, at fair value
Payments to Acquire Other Investments Operating Activities, Consolidated Funds
Proceeds from other investments
Investment income (loss) principal transactions, net
(Increase) decrease in operating assets:
Securities owned, at fair value, held at broker-dealer
Receivable on derivative contracts, at fair value
Securities borrowed
Deposits with clearing organizations, brokers and banks
Receivable from brokers, dealers and clearing organizations
Receivable from customers, net of allowance
Fees receivable, net of allowance
Insurance and reinsurance assets
Due from related parties
Other assets
Consolidated Funds
Cash and cash equivalents
Receivable on derivative contracts, at fair value
Increase (Decrease) in Receivable from Broker-Dealers and Clearing Organizations, Consolidated Funds
Other assets
Increase (decrease) in operating liabilities:
Securities sold, not yet purchased, at fair value, held at broker dealer
Securities sold under agreement to repurchase
Payable for derivative contracts, at fair value
Securities loaned
Payable to brokers, dealers and clearing organizations
Payable to customers
Commission management payable
Insurance and reinsurance liabilities
Compensation payable
Fees payable
Due to related parties
Accounts payable, accrued expenses and other liabilities
Consolidated Funds
Contributions received in advance
Payable to brokers
Payable for derivative contracts, at fair value
Due To Related Parties, Consolidated Funds
Accounts payable, accrued expenses and other liabilities

Net Cash Provided by (Used in) Operating Activities
Cash flows from investing activities:
Securities purchased under agreements to resell
Purchases of other investments
Purchase of business and/or asset acquisition
Cash at deconsolidated entity
Proceeds from sales of other investments
Payments to Acquire Loans Receivable
Proceeds from Divestiture of Businesses, Net of Cash Divested
Proceeds from loans held for investment
Purchase of fixed assets and intangibles
Proceeds from Sale of Property, Plant, and Equipment
Net Cash Provided by (Used in) Investing Activities

Proceeds from Convertible Debt
Cash flows from financing activities:
Repayments on convertible debt
Deferred debt issuance cost
Borrowings on notes and other debt
Repayments on notes and other debt
Purchase of treasury stock
Cash dividends paid
Preferred stock dividends paid
Contingent liability payment
Capital contributions by non-controlling interests in operating entities
Capital distributions to non-controlling interests in operating entities
Consolidated Funds
Capital contributions by non-controlling interests in Consolidated Funds
Capital distributions to non-controlling interests in Consolidated Funds
Net cash provided by / (used in) financing activities
Change in cash and cash equivalents
Total cash beginning of period
Cash and cash equivalents
Cash collateral pledged
Segregated Cash
Cash and cash equivalents, Consolidated Funds
Total cash at end of period
Supplemental information
Cash paid during the year for interest
Cash paid during the year for taxes
Noncash Conversion Difference Between Discount and Derivative Liability
Purchase of treasury stock, at cost, through net settlement
Preferred stock dividends declared
Cash dividends declared
Net assets (liabilities) acquired upon acquisition (net of cash)
Operating right of use assets
Operating lease liabilities
Initial recognition of lease liability
Initial Recognition Of Right Of Use Asset
Initial recognition of operating lease liabilities
Noncash transfer of net assets from Unconsolidated Master Fund to Consolidated Fund
Merger Master
Total noncash transfer of net assets from Unconsolidated Master Fund to Consolidated Fund
Net decrease in redeemable non-controlling interests in Consolidated Funds due to deconsolidation of consolidated fund
Separately recognized conversion option reclassification from a derivative liability to equity
Additional Paid-in Capital
Total separately recognized conversion option reclassification from a derivative liability to equity

Increase in noncontrolling interest due to consolidation of entity
Embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity
Additional Paid-in Capital
Total embedded Derivative, No Longer Bifurcated, Amount Reclassified to Stockholders' Equity

Net decrease in non-controlling interests in Consolidated Fund due to deconsolidation of Consolidated Fund
Common stock issuance for purchase of investment
Additional Paid-in Capital
Total common stock issuance for purchase of investment
Common stock issuance upon close of acquisition
Additional Paid-in Capital
Total common stock issuance upon close of acquisition
Transfer from Investments
Conversion of redeemable non-controlling interest to loan receivable

ProceedsFromSecuritiesSoldNotYetPurchasedAtFairValue,ConsolidatedFunds
Payments to Acquire Securities Sold Not Yet Purchased at Fair Value, Consolidated Funds
Cash Acquired from Acquisition
Excess Tax Benefit from Share-based Compensation, Financing Activities

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