XML 40 R29.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Note 22 - Segment and Geographic Information
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

22. SEGMENT AND GEOGRAPHIC INFORMATION 

 

The Company operates within three business segments: Capital Markets, Asset Management, and Principal Investing. See note 1.  The Company’s business segment information was prepared using the following methodologies and generally represents the information that is relied upon by management in its decision- making processes:  (a) revenues and expenses directly associated with each business segment are included in determining net income / (loss) by segment and (b) indirect expenses (such as general and administrative expenses including executive and indirect overhead costs) not directly associated with specific business segments are not allocated to the business segments’ statements of operations.  Accordingly, the Company presents segment information consistent with internal management reporting. See note (1) in the table below for more detail on unallocated items. The following tables present the financial information for the Company’s segments for the periods indicated.

 

SEGMENT INFORMATION

Statement of Operations Information

Six Months Ended June 30, 2024

 

  

Capital

  

Asset

  

Principal

  

Segment

  

Unallocated

     
  

Markets

  

Management

  

Investing

  

Total

  

(1)

  

Total

 

Net trading

 $18,646  $-  $-  $18,646  $-  $18,646 

Asset management

  -   4,795   -   4,795   -   4,795 

New issue and advisory

  30,888   -   -   30,888   -   30,888 

Principal transactions and other income

  -   1,487   (26,454)  (24,967)  -   (24,967)

Total revenues

  49,534   6,282   (26,454)  29,362   -   29,362 

Compensation

  20,377   2,867   961   24,205   1,333   25,538 

Other Operating Expense

  8,116   1,211   523   9,850   3,716   13,566 

Total operating expenses

  28,493   4,078   1,484   34,055   5,049   39,104 

Operating income (loss)

  21,041   2,204   (27,938)  (4,693)  (5,049)  (9,742)

Interest income (expense)

  (38)  -   -   (38)  (3,053)  (3,091)

Income (loss) from equity method affiliates

  -   -   23,049   23,049   -   23,049 

Income (loss) before income taxes

  21,003   2,204   (4,889)  18,318   (8,102)  10,216 

Income tax expense (benefit)

  -   -   -   -   293   293 

Net income (loss)

  21,003   2,204   (4,889)  18,318   (8,395)  9,923 

Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC

  -   -   11,064   11,064   -   11,064 

Enterprise net income (loss)

  21,003   2,204   (15,953)  7,254   (8,395)  (1,141)

Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc.

  -   -   -   -   (815)  (815)

Net income (loss) attributable to Cohen & Company Inc.

 $21,003  $2,204  $(15,953) $7,254  $(7,580) $(326)
                         

Other statement of operations data

                        

Depreciation and amortization (included in total operating expense)

 $-  $3  $-  $3  $246  $249 

    

SEGMENT INFORMATION

Statement of Operations Information

Six Months Ended June 30, 2023

 

  

Capital

  

Asset

  

Principal

  

Segment

  

Unallocated

     
  

Markets

  

Management

  

Investing

  

Total

  

(1)

  

Total

 

Net trading

 $15,626  $-  $-  $15,626  $-  $15,626 

Asset management

  -   3,630   -   3,630   -   3,630 

New issue and advisory

  2,295   -   -   2,295   -   2,295 

Principal transactions and other income

  1   472   9,372   9,845   -   9,845 

Total revenues

  17,922   4,102   9,372   31,396   -   31,396 

Compensation

  13,614   2,612   701   16,927   3,611   20,538 

Other Operating Expense

  7,269   1,216   338   8,823   2,519   11,342 

Total operating expenses

  20,883   3,828   1,039   25,750   6,130   31,880 

Operating income (loss)

  (2,961)  274   8,333   5,646   (6,130)  (484)

Interest (expense) income

  (223)  -   -   (223)  (2,999)  (3,222)

Income (loss) from equity method affiliates

  -   -   (906)  (906)  -   (906)

Income (loss) before income taxes

  (3,184)  274   7,427   4,517   (9,129)  (4,612)

Income tax expense (benefit)

  -   -   -   -   6,134   6,134 

Net income (loss)

  (3,184)  274   7,427   4,517   (15,263)  (10,746)

Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC

  -   17   6,583   6,600   -   6,600 

Enterprise net income (loss)

  (3,184)  257   844   (2,083)  (15,263)  (17,346)

Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc.

  -   -   -   -   (8,108)  (8,108)

Net income (loss) attributable to Cohen & Company Inc.

 $(3,184) $257  $844  $(2,083) $(7,155) $(9,238)
                         

Other statement of operations data

                        

Depreciation and amortization (included in total operating expense)

 $-  $3  $-  $3  $290  $293 

 

SEGMENT INFORMATION

Statement of Operations Information

Three Months Ended June 30, 2024

 

  

Capital

  

Asset

  

Principal

  

Segment

  

Unallocated

     
  

Markets

  

Management

  

Investing

  

Total

  

(1)

  

Total

 

Net trading

 $8,798  $-  $-  $8,798  $-  $8,798 

Asset management

  -   2,078   -   2,078   -   2,078 

New issue and advisory

  6,500   -   -   6,500   -   6,500 

Principal transactions and other income

  -   939   (7,517)  (6,578)  -   (6,578)

Total revenues

  15,298   3,017   (7,517)  10,798   -   10,798 

Compensation

  8,033   1,188   468   9,689   1,010   10,699 

Other Operating Expense

  3,965   541   252   4,758   1,708   6,466 

Total operating expenses

  11,998   1,729   720   14,447   2,718   17,165 

Operating income (loss)

  3,300   1,288   (8,237)  (3,649)  (2,718)  (6,367)

Interest income (expense)

  (18)  -   -   (18)  (1,407)  (1,425)

Income (loss) from equity method affiliates

  -   -   (5,996)  (5,996)  -   (5,996)

Income (loss) before income taxes

  3,282   1,288   (14,233)  (9,663)  (4,125)  (13,788)

Income tax expense (benefit)

  -   -   -   -   (205)  (205)

Net income (loss)

  3,282   1,288   (14,233)  (9,663)  (3,920)  (13,583)

Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC

  -   -   (5,206)  (5,206)  -   (5,206)

Enterprise net income (loss)

  3,282   1,288   (9,027)  (4,457)  (3,920)  (8,377)

Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc.

  -   -   -   -   (6,028)  (6,028)

Net income (loss) attributable to Cohen & Company Inc.

 $3,282  $1,288  $(9,027) $(4,457) $2,108  $(2,349)
                         

Other statement of operations data

                        

Depreciation and amortization (included in total operating expense)

 $-  $2  $-  $2  $123  $125 

 

SEGMENT INFORMATION

Statement of Operations Information

Three Months Ended June 30, 2023

 

  

Capital

  

Asset

  

Principal

  

Segment

  

Unallocated

     
  

Markets

  

Management

  

Investing

  

Total

  

(1)

  

Total

 

Net trading

 $7,416  $-  $-  $7,416  $-  $7,416 

Asset management

  -   1,605   -   1,605   -   1,605 

New issue and advisory

  1,395   -   -   1,395   -   1,395 

Principal transactions and other income

  -   232   11,924   12,156   -   12,156 

Total revenues

  8,811   1,837   11,924   22,572   -   22,572 

Compensation

  6,668   1,181   466   8,315   1,686   10,001 

Other Operating Expense

  3,620   648   121   4,389   1,183   5,572 

Total operating expenses

  10,288   1,829   587   12,704   2,869   15,573 

Operating income (loss)

  (1,477)  8   11,337   9,868   (2,869)  6,999 

Interest (expense) income

  (157)  -   -   (157)  (1,473)  (1,630)

Income (loss) from equity method affiliates

  -   -   (511)  (511)  -   (511)

Income (loss) before income taxes

  (1,634)  8   10,826   9,200   (4,342)  4,858 

Income tax expense (benefit)

  -   -   -   -   5,550   5,550 

Net income (loss)

  (1,634)  8   10,826   9,200   (9,892)  (692)

Less: Net income (loss) attributable to the non-convertible non-controlling interest of the Operating LLC

  -   (97)  6,600   6,503   -   6,503 

Enterprise net income (loss)

  (1,634)  105   4,226   2,697   (9,892)  (7,195)

Less: Net income (loss) attributable to the convertible non-controlling interest of Cohen & Company Inc.

  -   -   -   -   (594)  (594)

Net income (loss) attributable to Cohen & Company Inc.

 $(1,634) $105  $4,226  $2,697  $(9,298) $(6,601)
                         

Other statement of operations data

                        

Depreciation and amortization (included in total operating expense)

 $-  $2  $-  $2  $147  $149 

 

BALANCE SHEET DATA

As of June 30, 2024

(Dollars in Thousands)

 

  

Capital

  

Asset

  

Principal

  

Segment

  

Unallocated

     
  

Markets

  

Management

  

Investing

  

Total

  (1)  

Total

 

Total Assets

 $732,316  $4,787  $74,926  $812,029  $13,984  $826,013 
                         

Included within total assets:

                        

Investments in equity method affiliates

 $-  $-  $29,178  $29,178  $-  $29,178 

Goodwill (2)

 $54  $55  $-  $109  $-  $109 

Intangible assets (2)

 $166  $-  $-  $166  $-  $166 

 

BALANCE SHEET DATA

December 31, 2023

(Dollars in Thousands)

 

  

Capital

  

Asset

  

Principal

  

Segment

  

Unallocated

     
  

Markets

  

Management

  

Investing

  

Total

  (1)  

Total

 

Total Assets

 $665,597  $5,633  $86,946  $758,176  $14,585  $772,761 
                         

Included within total assets:

                        

Investments in equity method affiliates

 $-  $-  $14,241  $14,241  $-  $14,241 

Goodwill (2)

 $54  $55  $-  $109  $-  $109 

Intangible assets (2)

 $166  $-  $-  $166  $-  $166 

 

(1)

Unallocated assets primarily include: (i) amounts due from related parties; (ii) furniture and equipment, net; and (iii) other assets that are not considered necessary for an understanding of business segment assets. Such amounts are excluded in business segment reporting to the chief operating decision maker.

(2)

Goodwill and intangible assets are allocated to the Capital Markets and Asset Management business segments as indicated in the tables above.

 

Geographic Information

 

The Company conducts its business activities through offices in the following locations: (1) United States and (2) Europe.  Total revenues by geographic area are summarized as follows.

 

GEOGRAPHIC DATA

(Dollars in Thousands)

 

  

Three Months Ended June 30,

  

Six Months Ended June 30,

 
  

2024

  

2023

  

2024

  

2023

 

Total Revenues:

                

United States

 $9,575  $21,533  $26,318  $29,352 

Europe

  1,223   1,039   3,044   2,044 

Total

 $10,798  $22,572  $29,362  $31,396 

 

Long-lived assets attributable to an individual country, other than the United States, are not material.