Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q4 2021 Earnings Presentation
20 slides from Cohen & Steers's earnings presentation, Jan 27, 2022
Slide 1: Cohen & Steers: Q4 2021 and Full Year 2021 Earnings Presentation
Cohen & Steers: Q4 2021 and Full Year 2021 Earnings Presentation
Slide 2: Summary of fourth quarter and full year 2021 results
Summary of fourth quarter and full year 2021 results Fourth quarter 2021 Full year 2021 • December 31, 2021 AUM was $106.6 billion • December 31, 2021 AUM was $106.6 billion Assets under versus $97.3 billion at September 30, 2021 versus $79.9 billion at December 31, 2020 management • Average AUM was
Slide 3: Financial results, as adjusted
Financial results, as adjusted $ in millions, except earnings per share and percentages Revenue $144.4 $154.3 $159.7 $116.6 $125.8 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 $83.9 Expenses $67.2 $72.6 $81.8 $77.1 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Diluted earnings $1.24 per share $0.76 $0.79 $0.94
Slide 4: Revenue, as adjusted
Revenue, as adjusted $ in millions Open-end Institutional Closed-end Distribution and Other fund fees fees fund fees service fees $116.6 $125.8 $144.4 $154.3 $159.7 $0.7 $0.6 $0.7 $10.3 $9.9 $9.2 $0.6 $28.1 $28.1 $0.7 $8.3 $27.3 $7.8 $25.3 $39.9 $22.2 $38.0 $37.4 $31.0 $30.6 $77.6 $80.7 $69.8 $55.2
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee compensation and benefits Distribution and service fees General and administrative Depreciation and amortization $67.2 $72.6 $81.8 $83.9 $77.1 $1.0 $1.0 $0.9 $1.2 $11.3 $11.8 $1.1 $13.8 $10.3 $9.8 $18.8 $19.9 $16.5 $20.6 $15.5 $50.6 $51.2 $40.8 $44.7 $41.
Slide 6: Assets under management
Assets under management $ in billions Ending AUM Avg. AUM $101.6 $99.2 $92.9 $82.8 $75.4 $106.6 $96.2 $97.3 $87.0 $79.9 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 6
Slide 7: Assets under management
Assets under management Across vehicle, strategy, and client domicile Subadvisory ex. Other 1.5% APAC ex. Japan 3.8% Japan 6.4% Global listed Japan subadvisory infrastructure 8.2% EMEA 6.0% 10.6% Japan Global/international real Closed-end funds 11.9% estate 18.2% 12.2% Advisory Preferred securities
Slide 8: Total firm net flows
Total firm net flows $ in billions Inflows Outflows Net flows Organic growth/ 21.9% 19.4% 11.8% 5.3% 7.3% (decay) $7.5 $7.3 $6.5 $5.7 $6.2 $3.9 $3.8 $2.6 $1.8 $1.3 ($3.4) ($3.7) ($3.9) ($4.4) ($4.4) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Totals may not foot due to rounding. 8
Slide 9: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Open-end funds Organic 21.4% 25.0% 21.7% 18.2% 22.0% growth/ (decay) $5.6 $4.0 $5.1 $4.6 $4.3 $2.2 $2.1 $2.0 $2.5 $1.7 ($2.3) ($2.5) ($2.3) ($2.9) ($3.0) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Advisory Organic growth/ (2.5%) 3
Slide 10: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Subadvisory ex. Japan Organic growth/ 0.8% 6.7% (23.8%) (15.3%) (3.6%) (decay) $0.2 $0.3 $0.2 $0.1 $0.3 $0.2 $0.0 ($0.1) ($0.2) ($0.2) ($0.3) ($0.4) ($0.2) ($0.7) ($0.4) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Japan subadvisory
Slide 11: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows U.S. real estate Organic 12.2% 21.4% 9.4% 10.9% 11.8% growth/ (decay) $3.1 $3.1 $2.2 $2.6 $2.7 $1.7 $1.2 $1.3 $0.9 $0.9 ($1.3) ($1.4) ($1.6) ($1.7) ($1.8) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Preferred securities Organic 68
Slide 12: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows Global/international real estate Organic growth/ (7.5%) 13.6% 5.4% (0.2%) (6.5%) (decay) $1.1 $1.1 $0.5 $0.5 $0.6 $0.4 $0.2 ($0.0) ($0.3) ($0.6) ($0.3) ($0.9) ($0.5) ($0.9) ($0.7) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Global
Slide 13: Distributions by investment vehicle
Distributions by investment vehicle $ in billions Open-end funds Japan subadvisory ($0.2) ($0.3) ($0.3) ($0.3) ($0.3) ($0.3) ($0.3) ($0.3) ($0.4) ($1.1) Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Closed-end funds Total ($0.1) ($0.1) ($0.1) ($0.1) ($0.2) ($0.9) ($
Slide 14: Investment performance
Investment performance % of total AUM in outperforming strategies(1) % of U.S. open-end fund AUM by Morningstar rating(2) As of 12/31/2021 Not Rated 1 or 2 Star 3 Star 4 or 5 Star 1-Year 84% 79% 99% 1% 12/31/2020 9/30/2021 12/31/2021 8% 6% 3-Year 99% 100% 100% 12/31/2020 9/30/2021 12/31/2021 5-Year
Slide 15: Cash, cash equivalents, U.S. Treasurys and liquid seed investments
Cash, cash equivalents, U.S. Treasurys and liquid seed investments $ in millions Cash & cash equivalents U.S. Treasurys Liqiud seed investments $147.7 $124.3 $185.6 $241.0 $248.2 $62.7 $72.5 $74.4 $64.9 $69.6 $185.5 $168.5 $41.6 $111.2 $54.7 $41.2 December 31, 2020 March 31, 2021 June 30, 2021 Septe
Slide 16: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Net income (loss) attributable to common stockholders and diluted earnings per share $ in thousands, except per share data Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2020 2021 2
Slide 17: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Revenue, expenses, operating income (loss) and operating margin $ in thousands, except percentages Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2020 2021 2021 2021 2021 2020 2021
Slide 18: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Non-operating income (loss) $ in thousands Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2020 2021 2021 2021 2021 2020 2021 Non-operating income (loss), U.S. GAAP $6,989 $4,953 $8,
Slide 19: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Summary of Operating Items Adjustments Accelerated vesting of Closed-end rights Other non- Seed restricted offering/ fund recurring As U.S. GAAP investments(1) stock units launch costs(2) expenses adjusted Q4 2021 Investment advisory and administrat
Slide 20: 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