Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q2 2017 Earnings Presentation
15 slides from Cohen & Steers's earnings presentation, 2017
Slide 1: Cohen & Steers: Q2 2017 Earnings Presentation
Cohen & Steers: Q2 2017 Earnings Presentation
Slide 2: Summary of Second Quarter Results
Summary of Second Quarter Results Assets Under • June 30, 2017 AUM was $60.4 billion versus $58.5 billion at March 31, 2017 Management • Average AUM was $59.7 billion for Q2 2017 versus $58.3 billion for Q1 2017 • Net inflows of $1.3 billion in Q2 2017 versus $905 million in Q1 2017 Flows • Net infl
Slide 3: Financial Results, as adjusted
Financial Results, as adjusted $ in millions, except earnings per share $94.4 $89.5 $89.7 $92.9 $86.4 Revenue Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 $52.2 $57.1 $53.5 $54.2 $55.4 Expenses Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Diluted $0.51 $0.48 $0.47 $0.50 $0.46 Earnings per Share Q2 2016 Q3 201
Slide 4: Revenue, as adjusted
Revenue, as adjusted $ in millions Open-end Institutional Closed-end Distribution & Portfolio Consulting Fund Fees Fees Fund Fees Service Fees and Other $86.4 $94.4 $89.5 $89.7 $92.9 $3.0 $2.8 $5.3 $2.8 $2.7 $2.6 $5.1 $5.2 $5.0 $4.7 $20.1 $19.6 $19.1 $19.0 $19.2 $25.1 $24.9 $23.3 $24.6 $23.5 $40.9 $
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee Compensation & Benefits General & Administrative Distribution and Service Fees Depreciation and Amortization $52.2 $57.1 $53.5 $54.2 $55.4 $2.0 $1.8 $2.0 $2.1 $1.7 $11.1 $10.2 $10.0 $9.8 $9.8 $13.1 $13.0 $13.2 $13.0 $12.5 $30.9 $29.4 $30.4 $28.3 $28.3 Q2
Slide 6: Assets Under Management
Assets Under Management $ in billions Ending AUM Avg. AUM $59.7 $60.5 $58.3 $57.4 $55.9 $58.7 $60.5 $58.5 $60.4 $57.2 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 6
Slide 7: Assets Under Management Across Vehicle, Strategy, and Client Domicile
Assets Under Management Across Vehicle, Strategy, and Client Domicile Subadvisory ex. Japan Other 5.4% APAC ex. Japan 4.6% 10.5% Global Listed Europe 5.2% Infrastructure 10.6% Advisory 16.3% Japan Global/International 22.3% Real Estate 16.7% Closed-end Funds 15.5% Preferred Securities 19.4% Japan Su
Slide 8: Total Firm Net Flows
Total Firm Net Flows $ in billions Inflows Outflows Net Flows $4.2 $4.0 $4.0 $2.3 $2.2 $3.5 $3.2 $1.3 $0.9 $0.7 ($1.7) ($2.0) ($2.1) ($2.3) ($3.3) Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 8
Slide 9: Net Flows by Investment Vehicle
Net Flows by Investment Vehicle Inflows $ in billions Outflows Net Flows Open-end Funds Advisory $2.4 $2.6 $2.6 $2.3 $2.4 $0.6 $0.6 $0.2 $0.3 ($1.2) ($1.3) ($1.5) $0.2 ($1.7) ($2.6) ($0.1) ($0.2) ($0.3) ($0.3) ($0.3) Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Sub
Slide 10: Net Flows by Investment Strategy
Net Flows by Investment Strategy Inflows $ in billions Outflows Net Flows U.S. Real Estate Preferred Securities $2.1 $2.1 $1.9 $1.6 $1.4 $1.6 $1.2 $1.4 $1.0 $1.1 ($0.8) ($0.7) ($0.4) ($0.4) ($0.5) ($1.2) ($1.1) ($0.7) ($1.6) ($1.1) Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2
Slide 11: Investment Performance
Investment Performance % of U.S. Open-End Fund AUM by Morningstar Rating2 % of Total AUM in Outperforming Strategies1 As of 6/30/2017 Not Rated 1 or 2 Star 3 Star 4 or 5 Star 1-Year 91% 92% 61% 6/30/2015 6/30/2016 6/30/2017 2% 4% 3-Year 99% 93% 3% 79% 6/30/2015 6/30/2016 6/30/2017 5-Year 76% 89% 52%
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 1 $204.7 $221.4 $236.3 $215.3 $241.6 $53.1 $63.2 $58.2 $58.6 $64.0 $93.4 $73.7 $100.9 $68.5 $53.2 $87.5 $89.4 $89.8 $88.2 $77.6 June 30, 2016 September 30, 2016 December 31, 2016 March 31, 2017 June 30
Slide 13: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands, except per share data Reconciliation of U.S. GAAP Net Income Attributable to Common Stockholders and U.S. GAAP Earnings per Share to Net Income Attributable to Common Stockholders, As Adjusted, and Earnings per Share, As Adjusted Three Months Ended June 30, Se
Slide 14: Non-GAAP Reconciliation
Non-GAAP Reconciliation $ in thousands, except percentages Reconciliation of U.S. GAAP Operating Income and U.S. GAAP Operating Margin to Operating Income, As Adjusted and Operating Margin, As Adjusted Three Months Ended June 30, September 30, December 31, March 31, June 30, 2016 2016 2016 2017 2017
Slide 15: 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