Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q1 2016 Earnings Presentation
13 slides from Cohen & Steers's earnings presentation, 2016
Slide 1: Cohen & Steers: Q1 2016 Earnings Presentation
Cohen & Steers: Q1 2016 Earnings Presentation
Slide 2: 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
Slide 3: Summary of First Quarter Results
Summary of First Quarter Results Assets Under • March 31, 2016 AUM was $55.1 billion versus $52.6 billion at December 31, 2015 Management • Average AUM was $51.6 billion for Q1 2016 versus $52.0 billion for Q4 2015 • Net inflows of $1.4 billion in Q1 2016 versus $1.5 billion in the prior quarter Flo
Slide 4: Financial Results
Financial Results Revenue $83.8 $83.5 $79.7 $81.7 $79.7 ($ in millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Expenses $49.3 $52.3 $48.2 $51.3 $49.41 ($ in millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Diluted $0.45 $0.45 $0.37 $0.39 Earnings per $0.13 Share Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1
Slide 5: Revenue
Revenue $ in millions Open-end Institutional Closed-end Distribution & Portfolio Consulting Fund Fees Fees Fund Fees Service Fees and Other $83.8 $83.5 $79.7 $81.7 $79.7 $2.1 $2.3 $2.3 $3.9 $4.0 $2.2 $2.4 $4.1 $4.0 $4.2 $20.9 $20.9 $19.6 $18.3 $20.0 $21.8 $21.5 $21.5 $20.7 $21.3 $35.1 $34.8 $32.8 $3
Slide 6: Expenses
Expenses $ in millions Employee Compensation & Benefits General & Administrative Distribution and Service Fees Depreciation and Amortization $49.3 $52.3 $48.2 $51.3 $49.41 $1.6 $1.5 $1.6 $1.9 $1.5 $9.5 $9.0 $9.2 $8.6 $8.7 $12.8 $13.4 $12.5 $12.2 $12.7 $28.4 $27.4 $26.0 $25.9 $26.1 Q1 2015 Q2 2015 Q3
Slide 7: Cash, Cash Equivalents and Seed Investments
Cash, Cash Equivalents and Seed Investments $ in millions Non-U.S. Cash U.S. Cash Seed Investments $157.5 $180.8 $196.5 $202.1 $186.2 $50.3 $59.4 $55.0 $63.2 $58.0 $62.7 $58.7 $40.6 $39.4 $20.5 $79.0 $85.2 $83.5 $84.0 $83.6 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 7
Slide 8: Assets Under Management
Assets Under Management $ in billions Ending AUM Avg. AUM $55.0 $53.3 $51.6 $52.0 $50.7 $54.7 $55.1 $52.6 $50.1 $49.7 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 8
Slide 9: Ending Assets Under Management: Q1 2016
Ending Assets Under Management: Q1 2016 Subadvisory ex. Japan Other 4.5% APAC ex. Japan 4.2% 10.2% Global Listed Europe 5.4% Infrastructure 9.6% Advisory 15.0% Preferred Securities Japan 14.7% 25.6% Closed-end Funds 16.4% Global/International Real Estate 18.4% Japan Subadvisory 25.4% North America 6
Slide 10: Total Firm Net Flows
Total Firm Net Flows $ in billions Inflows Outflows Net Flows $3.3 $3.8 $2.9 $1.5 $1.4 $2.7 $2.1 $0.6 $0.4 $0.2 ($1.7) ($2.5) ($2.3) ($1.8) ($2.4) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 10 Net flows exclude distributions and include dividend reinvestments.
Slide 11: 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 $0.7 $1.7 $1.2 $0.2 $0.2 $0.2 $0.2 ($0.2) ($0.0) ($0.1) ($1.5) ($1.3) ($1.3) ($0.4) ($0.3) ($1.8) ($1.7) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Sub
Slide 12: Net Flows by Investment Strategy
Net Flows by Investment Strategy Inflows $ in billions Outflows Net Flows U.S. Real Estate Global/International Real Estate $1.6 $1.7 $1.7 $0.8 $1.2 $0.9 $0.4 $0.3 $0.2 $0.2 ($0.7) ($0.4) ($0.3) ($0.4) ($0.5) ($1.1) ($1.1) ($0.9) ($1.0) ($0.7) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q1 2015 Q2 2015
Slide 13: Financial Reconciliation
Financial Reconciliation $ in millions except per share information Q1 Q2 Q3 Q4 Q1 2015 2015 2015 2015 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 attri