Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q2 2016 Earnings Presentation
14 slides from Cohen & Steers's earnings presentation, Jul 20, 2016
Slide 1: Cohen & Steers: Q2 2016 Earnings Presentation
Cohen & Steers: Q2 2016 Earnings Presentation
Slide 2: Summary of Second Quarter Results
Summary of Second Quarter Results Assets Under • June 30, 2016 AUM was a record $58.7 billion versus $55.1 billion at March 31, 2016 Management • Average AUM was a record $55.9 billion for Q2 2016 versus $51.6 billion for Q1 2016 • Net inflows of $2.3 billion in Q2 2016 versus $1.4 billion in Q1 201
Slide 3: Financial Results
Financial Results $ in millions, except earnings per share $83.5 $81.7 $86.4 $79.7 $79.7 Revenue Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Expenses, $52.3 $48.2 $51.3 $49.4 $52.2 as adjusted Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Diluted $0.42 $0.42 $0.41 $0.41 $0.46 Earnings per Share, as adjusted Q
Slide 4: Revenue
Revenue $ in millions Open-end Institutional Closed-end Distribution & Portfolio Consulting Fund Fees Fees Fund Fees Service Fees and Other $83.5 $79.7 $81.7 $79.7 $86.4 $2.6 $2.3 $2.3 $4.7 $4.0 $2.2 $2.4 $4.1 $4.0 $4.2 $19.2 $20.9 $19.6 $20.0 $18.3 $23.5 $21.5 $21.5 $21.3 $20.7 $34.8 $34.2 $33.5 $3
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee Compensation & Benefits General & Administrative Distribution and Service Fees Depreciation and Amortization $52.3 $48.2 $51.3 $49.4 $52.2 $1.6 $1.5 $1.7 $1.5 $1.9 $9.5 $9.0 $9.8 $8.6 $8.7 $12.8 $13.4 $12.5 $12.2 $12.7 $28.4 $27.4 $28.3 $25.9 $26.1 Q2 201
Slide 6: Assets Under Management
Assets Under Management $ in billions Ending AUM Avg. AUM $55.9 $53.3 $52.0 $51.6 $50.7 $58.7 $55.1 $52.6 $50.1 $49.7 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 6
Slide 7: Assets Under Management
Assets Under Management Across Vehicle, Strategy, and Client Domicile Subadvisory ex. Japan Other 5.0% APAC ex. Japan 4.4% 9.8% Global Listed Europe 5.0% Infrastructure 9.8% Advisory 15.2% Preferred Securities Japan 15.5% 25.4% Closed-end Funds 16.0% Global/International Real Estate 17.0% Japan Suba
Slide 8: Total Firm Net Flows
Total Firm Net Flows $ in billions Inflows Outflows Net Flows $4.0 $2.3 $3.8 $3.3 $2.9 $1.5 $1.4 $2.1 $0.6 $0.4 ($1.7) ($1.8) ($1.7) ($2.3) ($2.4) Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 8
Slide 9: Net Flows by Investment Vehicle
Net Flows by Investment Vehicle Inflows $ in billions Outflows Net Flows Open-end Funds Advisory $2.1 $2.3 $2.0 $2.4 $0.7 $0.6 $1.2 $0.2 $0.2 $0.2 ($1.3) ($1.3) ($1.2) ($0.0) ($1.8) ($1.7) ($0.2) ($0.1) ($0.3) ($0.3) Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Sub
Slide 10: Net Flows by Investment Strategy
Net Flows by Investment Strategy Inflows $ in billions Outflows Net Flows U.S. Real Estate Global/International Real Estate $1.7 $2.1 $0.8 $1.6 $1.7 $0.9 $0.4 $0.2 $0.2 $0.2 ($0.9) ($0.7) ($0.8) ($0.3) ($1.1) ($1.0) ($0.4) ($0.4) ($0.5) ($0.5) Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q2 2015 Q3 2015
Slide 11: Investment Performance
Investment Performance % of Total AUM in Outperforming Strategies1 % of U.S. Open-End Fund AUM by Morningstar Rating2 Not Rated 1 or 2 Star 3 Star 4 or 5 Star 1-Year 100% 91% 61% 1% 5% 6/30/2014 6/30/2015 6/30/2016 3-Year 99% 79% 39% 15% 6/30/2014 6/30/2015 6/30/2016 5-Year 59% 76% 52% 6/30/2014 6/3
Slide 12: Cash, Cash Equivalents and Seed Investments
Cash, Cash Equivalents and Seed Investments $ in millions Non-U.S. Cash U.S. Cash Seed Investments $180.8 $196.5 $202.1 $186.2 $207.1 $50.3 $59.4 $66.4 $55.0 $63.2 $62.7 $58.7 $53.2 $40.6 $39.4 $85.2 $83.5 $84.0 $83.6 $87.5 June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 June 30, 2
Slide 13: Financial Reconciliation
Financial Reconciliation $ in millions except per share information Q2 Q3 Q4 Q1 Q2 2015(1) 2015(1) 2015(1) 2016 2016 U.S. GAAP Revenue $83.5 $79.7 $81.7 $79.7 $86.4 Expenses 52.3 48.2 51.3 51.4 52.2 Operating income 31.2 31.5 30.4 28.3 34.1 Non-operating income (loss) 0.0 (7.7) (5.6) 0.6 4.5 Income
Slide 14: Legal Disclosures
Legal Disclosures This presentation and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's cur