Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q4 2020 Earnings Presentation
19 slides from Cohen & Steers's earnings presentation, February 2021
Slide 1: Cohen & Steers: Q4 2020 and Full Year 2020 Earnings Presentation
Cohen & Steers: Q4 2020 and Full Year 2020 Earnings Presentation
Slide 2: Summary of Fourth Quarter and Full Year 2020 Results
Summary of Fourth Quarter and Full Year 2020 Results 4th Quarter 2020 Full Year 2020 • December 31, 2020 AUM was $79.9 billion • December 31, 2020 AUM was $79.9 billion Assets Under versus $70.5 billion at September 30, 2020 versus $72.2 billion at December 31, 2019 Management • Average AUM was $75.
Slide 3: Financial Results, as adjusted
Financial Results, as adjusted $ in millions, except earnings per share and percentages $109.8 $111.4 $116.6 $105.8 $94.0 Revenue Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 $62.5 $65.4 $67.3 $67.2 $58.6 Expenses Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Diluted $0.74 $0.61 $0.67 $0.76 $0.54 Earnings 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 $109.8 $105.8 $94.0 $111.4 $116.6 $0.7 $0.7 $0.4 $7.8 $0.8 $7.6 $8.0 $7.8 $0.5 $22.2 $18.7 $20.7 $6.9 $19.6 $17.5 $32.9 $30.6 $29.3 $27.9 $24.5 $51.1 $51.9 $55.2 $49.8 $4
Slide 5: Expenses, as adjusted
Expenses, as adjusted $ in millions Employee Compensation and Benefits Distribution and Service Fees General and Administrative Depreciation and Amortization $62.5 $65.4 $58.6 $67.3 $67.2 $1.1 $1.1 $1.2 $1.1 $1.2 $10.8 $9.8 $11.5 $12.4 $10.5 $14.6 $15.5 $14.1 $14.4 $12.5 $38.6 $40.7 $40.8 $34.6 $34.
Slide 6: Assets Under Management
Assets Under Management $ in billions Ending AUM Avg. AUM $75.4 $71.0 $69.8 $69.0 $62.2 $79.9 $72.2 $70.5 $66.3 $57.4 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 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 2.4% APAC ex. Japan 4.0% 7.4% Global Listed EMEA 5.5% Infrastructure 8.4% Japan Subadvisory 12.2% Japan Global/International 13.0% Real Estate 19.0% Closed-end Funds 14.4% Advisory Preferred Securities
Slide 8: Total Firm Net Flows
Total Firm Net Flows $ in billions Inflows Outflows Net Flows Organic Growth/ 9.0% 6.6% 24.0% 13.6% 21.9% (Decay) $7.3 $7.1 $3.9 $7.0 $3.4 $6.0 $4.6 $2.3 $1.6 $1.2 ($3.0) ($3.4) ($3.6) ($3.7) ($5.9) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 8 Totals may not foot due to rounding.
Slide 9: Net Flows by Investment Vehicle
Net Flows by Investment Vehicle Inflows $ in billions Outflows Net Flows Open-end Funds Organic Growth/ 20.8% 0.9% 33.4% 22.3% 21.4% (Decay) $4.4 $5.2 $3.6 $4.0 $4.0 $2.0 $1.6 $1.7 $1.6 $0.1 ($2.0) ($2.4) ($2.3) ($3.1) ($4.3) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Advisory Organic Growth/ 2.4% 17.9
Slide 10: Net Flows by Investment Vehicle
Net Flows by Investment Vehicle Inflows $ in billions Outflows Net Flows Subadvisory ex. Japan Organic Growth/ (20.0%) (12.1%) 20.3% 16.2% 0.8% (Decay) $0.4 $0.4 $0.2 $0.2 $0.2 $0.1 $0.3 $0.0 ($0.2) ($0.2) ($0.2) ($0.2) ($0.3) ($0.4) ($0.4) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Japan Subadvisory O
Slide 11: Net Flows by Investment Strategy
Net Flows by Investment Strategy Inflows $ in billions Outflows Net Flows U.S. Real Estate Organic Growth/ 13.4% 7.2% 35.1% 15.5% 12.2% (Decay) $3.6 $2.1 $2.8 $2.4 $2.5 $2.2 $1.0 $1.1 $0.9 $0.6 ($1.4) ($1.5) ($1.3) ($1.9) ($1.7) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Preferred Securities Organic Gr
Slide 12: Net Flows by Investment Strategy
Net Flows by Investment Strategy Inflows $ in billions Outflows Net Flows Global/International Real Estate Organic Growth/ 4.3% 25.3% 22.9% 14.8% (7.5%) (Decay) $1.7 $0.6 $0.8 $1.1 $0.9 $0.6 $0.5 $0.1 $0.4 ($0.5) ($0.5) ($0.4) ($0.3) ($0.9) ($0.7) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Global Liste
Slide 13: Distributions by Investment Vehicle
Distributions by Investment Vehicle $ in billions Open-end Funds Japan Subadvisory ($0.2) ($0.2) ($0.3) ($0.6) ($0.3) ($0.3) ($0.3) ($0.4) ($0.4) ($0.9) Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Closed-end Funds Total ($0.7) ($0.7) ($0.9) ($1.0) ($0.1) ($0.1) ($
Slide 14: Investment Performance
Investment Performance % of U.S. Open-End Fund AUM by Morningstar Rating2 % of Total AUM in Outperforming Strategies1 As of 12/31/2020 Not Rated 1 or 2 Star 3 Star 4 or 5 Star 1-Year 94% 96% 84% 1% 12/31/2018 12/31/2019 12/31/2020 7% 2% 3-Year 97% 97% 99% 12/31/2018 12/31/2019 12/31/2020 5-Year 98%
Slide 15: Cash, Cash Equivalents, U.S. Treasurys and Seed Investments
Cash, Cash Equivalents, U.S. Treasurys and Seed Investments $ in millions Cash U.S. Treasurys 1 Seed Investments 2 $204.3 $140.3 $191.9 $201.9 $143.0 $53.1 $55.6 $53.8 $49.8 $50.0 $47.4 $50.0 $60.1 $49.9 $41.6 $101.4 $96.3 $88.1 $43.0 $41.2 December 31, 2019 March 31, 2020 June 30, 2020 September 30
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 $ in thousands, except per share data Three Months Ended Year Ended
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation 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 Year Ended $ in thousands, except percentages December 31, March 31, June 30, September 30, December 31, December
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of U.S. GAAP Non-operating Income (Loss) to Non-operating Income (Loss), As Adjusted $ in thousands Three Months Ended Year Ended December 31, March 31, June 30, September 30, December 31, December 31, December 31, 2019 2020 2020 2020 2020 2019 2020 Non-operati
Slide 19: 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