Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q4 2024 Earnings Presentation
20 slides from Cohen & Steers's earnings presentation, Jan 23, 2025
Slide 1: Cohen & Steers: Q4 2024 and Full Year 2024 Earnings Presentation
Cohen & Steers: Q4 2024 and Full Year 2024 Earnings Presentation
Slide 2: Summary of fourth quarter and full year 2024 results
Summary of fourth quarter and full year 2024 results Fourth quarter 2024 Full year 2024 • December 31, 2024 AUM was $85.8 billion • December 31, 2024 AUM was $85.8 billion Assets under versus $91.8 billion at September 30, 2024 versus $83.1 billion at December 31, 2023 management • Average AUM was $
Slide 3: Financial results, as adjusted
Financial results, as adjusted $ in millions, except earnings per share and percentages Revenue $133.4 $139.9 $119.0 $122.9 $122.0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Expenses $77.7 $79.3 $79.4 $85.8 $90.2 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Diluted earnings $0.67 $0.70 $0.68 $0.77 $0.78 per
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 $119.0 $122.9 $122.0 $133.4 $139.9 $0.6 $0.6 $7.5 $0.6 $0.5 $7.2 $0.5 $6.6 $6.8 $6.6 $26.0 $25.7 $23.4 $24.2 $24.1 $35.7 $33.0 $30.9 $30.4 $30.2 $67.0 $70.2 $57.5 $61.0 $
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee compensation and benefits Distribution and service fees General and administrative Depreciation and amortization $77.7 $79.3 $79.4 $85.8 $90.2 $2.4 $2.3 $1.5 $2.3 $2.3 $15.6 $14.7 $14.3 $13.8 $14.5 $15.7 $14.7 $12.9 $13.4 $13.3 $54.0 $56.4 $49.0 $49.8 $49
Slide 6: Assets under management
Assets under management $ in billions Ending AUM Avg. AUM $89.4 $86.2 $80.2 $79.6 $77.0 $91.8 $83.1 $85.8 $81.2 $80.7 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 6
Slide 7: Assets under management
Assets under management Across vehicle, strategy, and client domicile Subadvisory ex. Other 3.2% Japan 6.7% EMEA 5.2% Global listed Japan subadvisory APAC ex. Japan 5.7% infrastructure 10.2% 9.9% Japan Global/international real 11.3% Closed-end funds estate 15.2% 13.2% Advisory Preferred securities
Slide 8: Total firm net flows
Total firm net flows $ in billions Inflows Outflows Net flows Organic growth/ (4.9%) (9.5%) (1.7%) 6.3% 3.7% (decay) $5.3 $4.8 $3.9 $4.2 $3.6 $1.3 $0.9 ($0.3) ($0.9) ($2.0) ($3.9) ($4.0) ($4.0) ($4.9) ($6.2) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 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 (5.9%) 6.2% (1.1%) 12.5% 10.8% growth/ (decay) $4.1 $3.9 $3.3 $3.3 $2.9 $1.2 $1.2 $0.6 ($0.5) ($0.1) ($2.7) ($3.0) ($2.9) ($2.7) ($3.8) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Advisory Organic growth/ (0.
Slide 10: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Subadvisory ex. Japan Organic growth/ (17.4%) (2.5%) (9.5%) 9.4% (10.5%) (decay) $0.6 $0.2 $0.2 $0.2 $0.1 $0.2 ($0.0) ($0.1) ($0.2) ($0.2) ($0.2) ($0.3) ($0.4) ($0.5) ($0.5) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Japan subadvi
Slide 11: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows U.S. real estate Organic (2.0%) 3.8% 1.6% 13.3% 11.0% growth/ (decay) $3.1 $2.9 $1.9 $2.1 $2.0 $1.3 $1.3 $0.4 $0.2 ($0.2) ($1.7) ($1.8) ($1.8) ($1.7) ($2.1) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Preferred securities Organic
Slide 12: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows Global/international real estate Organic growth/ (10.8%) (56.2%) (4.0%) (3.3%) (5.8%) (decay) $0.4 $0.6 $0.7 $0.4 $0.3 ($0.1) ($0.1) ($0.2) ($0.4) ($0.7) ($0.5) ($0.8) ($0.6) ($2.2) ($2.8) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 20
Slide 13: Investment performance
Investment performance % of U.S. open-end fund AUM rated 4 or 5 stars by % of total AUM in outperforming strategies(1) Morningstar(2) 1-Year 85% 96% 95% 12/31/2023 9/30/2024 12/31/2024 3-Year 96% 97% 96% 12/31/2023 9/30/2024 12/31/2024 94% 95% 94% 5-Year 97% 97% 97% 12/31/2023 9/30/2024 12/31/2024 1
Slide 14: Cash, cash equivalents, liquid seed investments and U.S. Treasurys
Cash, cash equivalents, liquid seed investments and U.S. Treasurys $ in millions Cash & cash equivalents U.S. Treasurys Liquid seed investments $318.8 $233.1 $325.1 $348.4 $360.9 $68.9 $73.7 $71.4 $75.3 $109.1 $59.9 $74.1 $168.2 $127.8 $59.5 $187.4 $183.0 $122.0 $99.5 $106.5 December 31, 2023 March
Slide 15: Reconciliations of U.S. GAAP to as adjusted financial results
Reconciliations of U.S. GAAP to as adjusted financial results Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into the company’s operating performance. In addition, these as adjusted financial results are used to prepare the compan
Slide 16: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Net income 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, 2023 2024 2024 202
Slide 17: Reconciliation of U.S. GAAP to as adjusted results
Reconciliation of U.S. GAAP to as adjusted results Revenue, expenses, operating income 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, 2023 2024 2024 2024 2024 2023 2024 Revenue
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, 2023 2024 2024 2024 2024 2023 2024 Non-operating income (loss), U.S. GAAP $16,651 $5,037 $2
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 Other non- Lease transition Consolidated restricted recurring and other costs - As U.S. GAAP funds stock units expenses (1) 280 Park Avenue (2) adjusted Q4 2024 Investment advisory and ad
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