Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q1 2016 Earnings Presentation
13 slides from Cohen & Steers's earnings presentation, Apr 20, 2016
Slide 1: Cohen & Steers: Q1 2016 Earnings Presentation
Cohen & Steers: Q1 2016 Earnings Presentation
Slide 2: Legal Disclosures
2 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 c
Slide 3: Summary of First Quarter Results
3 Summary of First Quarter Results 1Net flows exclude distributions and include dividend reinvestments. 2Please see page 13 of this presentation for a reconciliation of the adjusted financial measures to their most directly comparable GAAP financial measures. Capital Management • Declared quarterly
Slide 4: Financial Results
4 Revenue ($ in millions) Expenses ($ in millions) Financial Results $83.8 $83.5 $79.7 $81.7 $79.7 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 $49.3 $52.3 $48.2 $51.3 $49.41 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 1Please see page 13 of this presentation for a reconciliation of the adjusted financial me
Slide 5: Revenue
$35.1 $34.8 $32.8 $34.2 $33.5 $21.8 $21.5 $20.7 $21.5 $21.3 $20.9 $20.9 $20.0 $19.6 $18.3 $3.9 $4.0 $4.0 $4.1 $4.2 $2.1 $2.3 $2.2 $2.3 $2.4 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Open-end Fund Fees Institutional Fees Closed-end Fund Fees Distribution & Service Fees Portfolio Consulting and Other 5
Slide 6: Expenses
Expenses $ in millions 6 $26.0 $28.4 $25.9 $27.4 $26.1 $12.5 $12.8 $12.2 $13.4 $12.7 $9.2 $9.5 $8.6 $9.0 $8.7 $1.6 $1.6 $1.5 $1.5 $1.9 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Employee Compensation & Benefits General & Administrative Distribution and Service Fees Depreciation and Amortization $49.3 $
Slide 7: Cash, Cash Equivalents and Seed Investments
Cash, Cash Equivalents and Seed Investments $ in millions 7 $79.0 $85.2 $83.5 $84.0 $83.6 $20.5 $40.6 $62.7 $58.7 $39.4 $58.0 $55.0 $50.3 $59.4 $63.2 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Non-U.S. Cash U.S. Cash Seed Investments $157.5 $180.8 $196.5 $202.1 $186.2
Slide 8: Assets Under Management
8 $54.7 $50.1 $49.7 $52.6 $55.1 $55.0 $53.3 $50.7 $52.0 $51.6 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Ending AUM Avg. AUM Assets Under Management $ in billions
Slide 9: Ending Assets Under Management: Q1 2016
9 Ending Assets Under Management: Q1 2016 Open-end Funds 33.0% U.S. Real Estate 52.8% North America 64.8% Japan Subadvisory 25.4% Global/International Real Estate 18.4% Japan 25.6% Closed-end Funds 16.4% Preferred Securities 14.7% Europe 5.4% Advisory 15.0% Global Listed Infrastructure 9.6% APAC ex.
Slide 10: Total Firm Net Flows
10 ($2.5) ($2.3) ($1.7) ($1.8) ($2.4) $2.7 $2.9 $2.1 $3.3 $3.8 $0.2 $0.6 $0.4 $1.5 $1.4 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Inflows Outflows Net Flows Total Firm Net Flows $ in billions Net flows exclude distributions and include dividend reinvestments.
Slide 11: Net Flows by Investment Vehicle
11 $1.7 $2.1 $1.2 $2.3 $2.0 ($1.5) ($1.8) ($1.3) ($1.3) ($1.7) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Open-end Funds Advisory $0.3 $0.1 $0.4 $0.2 $0.2 ($0.3) ($0.2) ($0.3) ($0.3) ($0.2) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Subadvisory ex. Japan $0.4 $0.4 $0.4 $0.6 $0.9 ($0.3) ($0.1) ($0.1) ($0.1
Slide 12: Net Flows by Investment Strategy
12 $1.2 $1.6 $0.9 $1.7 $1.7 ($1.1) ($1.1) ($0.9) ($0.7) ($1.0) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 U.S. Real Estate $0.3 $0.4 $0.2 $0.2 $0.8 ($0.7) ($0.4) ($0.3) ($0.4) ($0.5) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Global/International Real Estate $0.7 $0.7 $0.5 $1.1 $1.1 ($0.5) ($0.5) ($0.3) (
Slide 13: GAAP to Non-GAAP Reconciliation
13 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 GAAP Revenue 83.8 83.5 79.7 81.7 79.7 Expenses (49.3) (52.3) (48.2) (51.3) (51.4) Operating Income 34.5 31.2 31.5 30.4 28.3 Provision for income taxes 12.2 12.2 11.5 12.4 11.1 Net income attributable to common stockholders per diluted weighted average share