0000000000-21-001812.txt : 20210319 0000000000-21-001812.hdr.sgml : 20210319 20210212133009 ACCESSION NUMBER: 0000000000-21-001812 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20210212 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: COWEN INC. CENTRAL INDEX KEY: 0001466538 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 599 LEXINGTON AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-845-7900 MAIL ADDRESS: STREET 1: 599 LEXINGTON AVENUE, 20TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 FORMER COMPANY: FORMER CONFORMED NAME: COWEN GROUP, INC. 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Form 10-K for the Fiscal Year Ended December 31, 2019 Filed March 4, 2020 Form 10-Q for the Quarter Ended September 30, 2020 Filed October 29, 2020 Form 8-K Filed October 27, 2020 File No. 001-34516 Dear Mr. Lasota: We have reviewed your October 14, 2020 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our September 23, 2020 letter. Form 8-K Filed October 27, 2020 Exhibit 99.1 Non-GAAP Financial Measures, page 8 1. We note your response to prior comment 1 from our letter dated July 13, 2020. We have reviewed the enhanced disclosures surrounding the usefulness of your non-GAAP measures, Economic Income (Loss), Economic Operating Income (Loss) and Economic Proceeds, as contained in this Form 8-K. Please revise your future filings to explain in further detail why you believe investors and analysts find the measures helpful in evaluating the company s financial performance and comparing it to that of its peer Stephen Lasota COWEN INC. February 12, 2021 Page 2 companies and competitors. Provide us with your draft disclosure. Form 10-Q for the Quarter Ended September 30, 2020 Notes to Unaudited Condensed Consolidated Financial Statements Note 22 - Segment Reporting, page 60 2. Based on your response to prior comment 3 from our letter dated September 23, 2020, it is unclear how the amounts you disclose as revenue for each reportable segment complies with ASC 280-10-50-22(a). Please tell us how your disclosure complies with the guidance, and provide us with your draft disclosure if you intend to revise. You may contact Dave Irving at 202-551-3321 or Sharon Blume at 202-551-3474 if you have questions. FirstName LastNameStephen Lasota Sincerely, Comapany NameCOWEN INC. Division of Corporation Finance February 12, 2021 Page 2 Office of Finance FirstName LastName