Cohen & Steers, Inc. (NYSE:CNS) Q3 2023 Earnings Call Transcript October 19, 2023 10:00 AM ET Company Participants Brian Heller - Senior Vice President and Corporate Counsel Matthew Stadler - Chief Financial Officer Jon Cheigh - Chief Investment Officer Joe Harvey - Chief Executive Officer Conference Call Participants John Dunn - Evercore ISI Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers Third Quarter 2023 Earnings Conference Call. During the presentation, all parti ...

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 current views with respect to, among other things, the company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," ...

| --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------------|-------|---------------------| | Assets: | | June 30, 2023 | | December 31, 2022 | | Cash and cash equivalents | $ | 178,471 | $ | 247,418 | | (1) Investments ($139,197 and $134,929) | | 188,227 | | 172,955 | | Accounts receivable | | 63,217 | | 66,676 | | ...

COHEN & STEERS Cohen & Steers: Q2 2023 Earnings Presentation Summary of second quarter 2023 results Flows • June 30, 2023 AUM was $80.4 billion versus $79.9 billion at March 31, 2023 • Average AUM was $79.4 billion for Q2 2023 versus $83.2 billion for Q1 2023 • Net outflows of $512 million in Q2 2023 versus net outflows of $497 million in Q1 2023 • Net inflows in Japan subadvisory and subadvisory ex. Japan • Diluted EPS of $0.70 in Q2 2023 versus $0.76 in Q1 2023 Refer to pages 16-20 of this presentation fo ...

Cohen & Steers, Inc. (NYSE:CNS) Q2 2023 Earnings Conference Call July 20, 2023 10:00 AM ET Company Participants Brian Heller – Senior Vice President and Corporate Counsel Matt Stadler – Chief Financial Officer Jon Cheigh – Chief Investment Officer Joe Harvey – Chief Executive Officer Conference Call Participants John Dunn – Evercore ISI Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers' Second Quarter 2023 Earnings Conference Call. During the presentation, all participa ...

SECURITIES AND EXCHANGE COMMISSION (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ ...

Cohen & Steers, Inc. (NYSE:CNS) Q1 2023 Earnings Conference Call April 20, 2023 10:00 AM ET Company Participants Brian Heller - Senior Vice President and Corporate Counsel Joe Harvey - Chief Executive Officer Matt Stadler - Chief Financial Officer Jon Cheigh - Chief Investment Officer Conference Call Participants John Dunn - Evercore ISI Operator Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers First Quarter 2023 Earnings Conference Call. During the presentation, all participan ...

COHEN & STEERS Q1 2023 Earnings Presentation Cohen & Steers: Summary of first quarter 2023 results Assets under management Flows Financial results, as adjusted • March 31, 2023 AUM was $79.9 billion versus $80.4 billion at December 31, 2022 • Average AUM was $83.2 billion for Q1 2023 versus $80.5 billion for Q4 2022 • Market appreciation was $671 million for Q1 2023 versus market appreciation of $3.5 billion for Q4 2022 • Net outflows of $497 million in Q1 2023 versus net outflows of $1.1 billion in Q4 2022 ...

February 24, 2023 46 | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------| | | | | Management's Report on Internal Control over Financial Reporting | F-2 | | Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | F-3 | | Consolidated Statements of Financial Condition | F-6 | | Consolidated Statements of Operations | F-7 | | | | | Consolidated Statements of Comprehensive Income | F-8 | | Consolidated Statements ...

Financial Data and Key Metrics Changes - Earnings per share for Q4 2022 were $0.79, down from $1.24 in the prior year and $0.96 sequentially [7] - Revenue for the quarter was $125.5 million, compared to $159.7 million in the prior year and $140.2 million sequentially, primarily due to lower average assets under management [7] - Operating income was $50.9 million for the quarter, down from $60.1 million sequentially [33] - The effective fee rate was 57.8 basis points, slightly down from 58 basis points in the previous quarter [33] - Assets under management increased to $80.4 billion at December 31, 2022, from $79.2 billion at September 30, 2022, due to market appreciation [11] Business Line Data and Key Metrics Changes - The compensation to revenue ratio was 36.4% for Q4 2022, reflecting a reduction in incentive compensation [8] - The firm experienced outflows of $1 billion from open-end funds, with significant outflows from core preferred mutual funds totaling $819 million [27] - Institutional advisory had outflows of $392 million, with existing client outflows totaling $573 million [28] Market Data and Key Metrics Changes - Global equities were up 9.9% in Q4, with U.S. REITs up 4.1% and international real estate up 10.3% [43] - The performance of U.S. REITs was down approximately 25% in 2022, while private real estate values generally increased [22] - The firm’s market share in preferreds declined to 43%, reflecting increased competition in the space [79] Company Strategy and Development Direction - The company plans to balance anticipated revenue declines with a disciplined approach to human capital [12] - Expected G&A expenses are projected to increase by 12% to 14% in 2023, primarily due to costs associated with the new corporate headquarters [13] - The firm aims to expand its market share in U.S. real estate, global real estate, and global listed infrastructure [26] Management's Comments on Operating Environment and Future Outlook - Management anticipates a transition to an early cycle economy by the end of 2023, with positive returns expected across all asset classes [21] - The firm expects inflation to stabilize around 3% by year-end, with an average recession likely [46] - Management remains optimistic about the investment performance and believes the firm is well-positioned to capture investor allocations [26] Other Important Information - The firm arranged for a $100 million three-year senior unsecured revolving credit facility to provide financial flexibility [36] - The firm’s liquidity totaled $316.1 million at quarter-end, up from $269.9 million in the previous quarter [35] - The company is focused on integrating private and listed real estate capabilities to optimize client portfolios [88] Q&A Session Summary Question: What are the expected inflows versus outflows in the wealth management channel for 2023? - Management noted improved flows this year, indicating a shift from tax loss selling to capitalizing on price declines, suggesting better entry points for REIT investors [64] Question: What is the outlook for preferreds in the current rate environment? - Management expects double-digit returns from preferreds, driven by high income levels and favorable fundamentals [66] Question: What is the potential for U.S. infrastructure flows in 2023? - Management indicated a pickup in flows due to increased focus on infrastructure spending, but noted it is still early for broader adoption [70] Question: How does the company view the competitive landscape in the REIT space? - Management highlighted that while some competitors have shrunk, the firm continues to gain market share due to consistent performance [108] Question: What is the vision for the next few years regarding private real estate? - The firm is focused on building a private real estate team and expects to see emerging opportunities to deploy capital as prices correct [114]