COWEN INC. (COWN) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-05-19	Dec-31-18	Dec-05-18	Dec-31-17	Dec-05-17
	10-K	10-K	10-K	10-K/A	10-K	10-K/A	10-K	10-K/A
Total revenues [+]	1,139.2	1,718.2	1,338.5	109.5	966.9	6.9	658.8	66.7
Lease / rental					1.9		3.8
Net interest income	312.1	219.3	187.5		108.0		49.4
Other	0.0		0.6		0.0		1.5
Revenue growth	-33.7%	28.4%		1495.4%	46.8%	-89.7%	39.7%
Cost of goods sold	41.7	40.7	36.6	0.0	41.6	0.0	35.2	0.0
Gross profit	1,097.5	1,677.5	1,301.9	109.5	925.3	6.9	623.6	66.7
Gross margin	96.3%	97.6%	97.3%	100.0%	95.7%	100.0%	94.7%	100.0%
Selling, general and administrative [+]	959.3	1,220.1	999.0		637.2		502.8
Sales and marketing	39.3	29.6	20.5		35.9		28.3
General and administrative [+]	919.9	1,190.5	978.5	0.0	601.2	0.0	474.5	0.0
Professional fees	80.6	80.8	60.0		41.0		31.9
Telecommunications expense	38.0	37.5	32.6		30.8		23.5
Other selling, general and administrative	39.3	29.6	20.5		35.9		28.3
Equity in earnings	9.6	35.5	18.9
Other operating expenses	64.1	62.5	1.0	109.5	172.2	6.9	106.3	66.7
EBITDA [+]	83.8	430.4	320.8		115.9		14.5
EBITDA growth	-80.5%	34.2%			699.1%		-152.7%
EBITDA margin	7.4%	25.0%	24.0%	0.0%	12.0%	0.0%	2.2%	0.0%
Depreciation	11.5	11.0	9.7		7.4		7.0
EBITA	72.3	419.4	311.1	0.0	108.5	0.0	7.5	0.0
EBITA margin	6.3%	24.4%	23.2%	0.0%	11.2%	0.0%	1.1%	0.0%
Amortization of intangibles	16.2	8.0	13.0		5.0		6.1
EBIT [+]	56.1	411.4	298.1	0.0	103.5	0.0	1.4	0.0
EBIT growth	-86.4%	38.0%			7151.2%		-103.5%
EBIT margin	4.9%	23.9%	22.3%	0.0%	10.7%	0.0%	0.2%	0.0%
Non-recurring items	-13.6	15.1	8.5
Other income (expense), net [+]	7.0	9.7	7.8	110.4	-4.5	7.0	5.5	67.0
Gain (loss) on investments					68.0		76.2
Unrealized gain/loss on derivatives					9.4		19.5
Gain (loss) on foreign currency transactions					0.2		-0.4
Other	7.0	5.2	10.5		4.5		8.6
Pre-tax income	76.6	406.0	297.4	110.4	98.9	7.0	7.0	67.0
Income taxes	10.8	102.0	90.4	0.0	15.7	0.0	44.1	0.0
Tax rate	14.1%	25.1%	30.4%	0.0%	15.9%	0.0%	632.8%	0.0%
Minority interest	-10.6	8.4	-9.3
Net income	69.7	288.8	209.6	110.4	36.0	7.0	-67.7	67.0
Net margin	6.1%	16.8%	15.7%	100.9%	3.7%	102.2%	-10.3%	100.5%

Basic EPS [+]	$2.47	$10.42	$7.54		$1.22		($2.29)
Growth	-76.3%	38.2%			-153.1%		136.4%
Diluted EPS [+]	$2.21	$8.85	$7.10		$1.17		($2.29)
Growth	-75.1%	24.7%			-151.1%		136.4%

Dividends per share [+]	$0.54	$0.41	$0.21
Growth	31.0%	99.7%

Shares outstanding (basic) [+]	28.2	27.7	27.8		29.5		29.5
Growth	1.7%	-0.2%			0.2%		9.8%
Shares outstanding (diluted) [+]	31.5	32.6	29.5		30.7		29.5
Growth	-3.3%	10.5%			4.2%		9.8%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.