Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q1 2022 Earnings Presentation
20 slides from Cohen & Steers's earnings presentation, Apr 21, 2022
Slide 1: Cohen & Steers: Q1 2022 Earnings Presentation
Cohen & Steers: Q1 2022 Earnings Presentation
Slide 2: Summary of first quarter 2022 results
Summary of first quarter 2022 results • March 31, 2022 AUM was $102.1 billion versus $106.6 billion at December 31, 2021 Assets under • Average AUM was $101.2 billion for Q1 2022 versus $101.6 billion for Q4 2021 management • Market depreciation was $4.6 billion for Q1 2022 versus market appreciatio
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 $154.3 $125.8 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 $83.9 $85.4 Expenses $72.6 $81.8 $77.1 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Diluted earnings $1.24 per share $0.79 $0.94 $1.06
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 $125.8 $144.4 $154.3 $159.7 $154.3 $0.7 $0.6 $0.7 $0.7 $10.3 $9.9 $9.9 $9.2 $0.6 $28.1 $28.1 $27.3 $8.3 $27.3 $25.3 $39.9 $38.0 $36.7 $37.4 $31.0 $77.6 $80.7 $79.8 $69.8
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee compensation and benefits Distribution and service fees General and administrative Depreciation and amortization $72.6 $81.8 $83.9 $77.1 $85.4 $1.0 $1.0 $1.0 $0.9 $1.2 $11.8 $12.6 $11.3 $13.8 $10.3 $18.8 $19.9 $19.7 $16.5 $20.6 $50.6 $51.2 $52.1 $44.7 $41
Slide 6: Assets under management
Assets under management $ in billions Ending AUM Avg. AUM $101.6 $101.2 $99.2 $92.9 $82.8 $106.6 $102.1 $96.2 $97.3 $87.0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 6
Slide 7: Assets under management
Assets under management Across vehicle, strategy, and client domicile Subadvisory ex. Other 1.8% APAC ex. Japan 3.9% Japan 6.4% Global listed Japan subadvisory infrastructure 9.0% EMEA 6.5% 10.5% Japan Global/international real 11.9% Closed-end funds estate 19.0% 12.8% Advisory Preferred securities
Slide 8: Total firm net flows
Total firm net flows $ in billions Inflows Outflows Net flows Organic growth/ 19.4% 11.8% 5.3% 7.3% 2.9% (decay) $7.5 $6.2 $7.5 $6.5 $5.7 $3.8 $2.6 $1.8 $1.3 $0.8 ($3.7) ($3.9) ($4.4) ($4.4) ($6.7) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 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 25.0% 21.7% 18.2% 22.0% 1.7% growth/ (decay) $5.1 $5.6 $4.6 $4.3 $4.9 $2.2 $2.1 $2.0 $2.5 $0.2 ($2.9) ($2.5) ($2.3) ($3.0) ($4.7) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Advisory Organic growth/ 39.0% 20.
Slide 10: Net flows by investment vehicle
Net flows by investment vehicle $ in billions Inflows Outflows Net flows Subadvisory ex. Japan Organic growth/ 6.7% (23.8%) (15.3%) (3.6%) (4.8%) (decay) $0.3 $0.3 $0.3 $0.2 $0.1 $0.2 ($0.1) ($0.1) ($0.2) ($0.3) ($0.4) ($0.2) ($0.4) ($0.3) ($0.7) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 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 21.4% 9.4% 10.9% 11.8% 4.5% growth/ (decay) $3.1 $2.7 $3.1 $3.3 $2.6 $1.7 $0.9 $1.2 $1.3 $0.6 ($1.4) ($1.7) ($1.6) ($1.8) ($2.7) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Preferred securities Organic 14.
Slide 12: Net flows by investment strategy
Net flows by investment strategy $ in billions Inflows Outflows Net flows Global/international real estate Organic growth/ 13.6% 5.4% (0.2%) (6.5%) 16.2% (decay) $1.6 $1.1 $1.1 $0.5 $0.6 $0.8 $0.5 $0.2 ($0.0) ($0.3) ($0.9) ($0.5) ($0.8) ($0.6) ($0.9) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Global li
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) ($0.3) ($1.1) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Closed-end funds Total ($0.1) ($0.1) ($0.1) ($0.2) ($0.1) ($0.7) ($
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 3/31/2022 Not Rated 1 or 2 Star 3 Star 4 or 5 Star 1-Year 93% 99% 98% 3/31/2021 12/31/2021 3/31/2022 9% 3-Year 99% 100% 100% 3/31/2021 12/31/2021 3/31/2022 5-Year 100% 100%
Slide 15: 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 Liquid seed investments Treasurys $124.3 $185.6 $241.0 $248.2 $180.7 $62.7 $72.5 $29.9 $74.4 $64.2 $69.6 $185.5 $168.5 $111.2 $86.6 $54.7 March 31, 2021 June 30, 2021 September 30, 2021 December
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 March 31, June 30, September 30, December 31, March 31, 2021 2021 2021 2021 2022 Net income (loss) attribut
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 March 31, June 30, September 30, December 31, March 31, 2021 2021 2021 2021 2022 Revenue, U.S. GAAP $125,747 $144,269 $154,187 $159
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 March 31, June 30, September 30, December 31, March 31, 2021 2021 2021 2021 2022 Non-operating income (loss), U.S. GAAP $4,953 $8,536 $1,246 $6,837 $5,110 Seed investments (1) (5,280) (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 Initial Seed restricted public offering As U.S. GAAP investments(1) stock units costs(2) adjusted Q1 2022 Investment advisory and administration fees $143,669 $111 $- $- $143,7
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