Cohen & Steers(CNS) - 2025 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2025 was $134.5 million, a decrease of 3.8% from$ 139.8 million in Q4 2024[3] - Net income attributable to common stockholders was $39.8 million, down 13.2% from$ 45.8 million in the previous quarter[3] - Diluted earnings per share (EPS) decreased to $0.77, a decline of 12.7% from$ 0.89 in Q4 2024[3] - Total revenue for Q1 2025 was $134.467 million, a decrease of 3.8% from Q4 2024 but an increase of 9.6% year-over-year[20] - Net income attributable to common stockholders for Q1 2025 was$ 39.778 million, down 13.2% from Q4 2024 but up 17.0% from Q1 2024[20] - Diluted earnings per share (EPS) for Q1 2025 was $0.77, a decrease of 13.5% from$ 0.89 in Q4 2024, and an increase of 13.2% from $0.68 in Q1 2024[27] - Adjusted operating income for Q1 2025 was$ 46,446,000, down 6.4% from $49,708,000 in Q4 2024, and up 6.4% from$ 43,692,000 in Q1 2024[30] - Operating margin for Q1 2025 was 33.6%, down from 35.3% in Q4 2024, representing a decline of 170 basis points[7] - Operating margin as adjusted for Q1 2025 was 34.7%, compared to 35.5% in Q4 2024 and 35.5% in Q1 2024[30] Assets Under Management (AUM) - Total assets under management (AUM) reached $87.6 billion, reflecting a 2.1% increase from$ 85.8 billion at the end of 2024[11] - Assets under management at the end of Q1 2025 increased to $87.579 billion, reflecting a 2.1% increase from Q4 2024 and a 7.8% increase year-over-year[22] - Average AUM decreased by 3.0% to$ 86,778 million compared to the previous quarter, but increased by 8.2% year-over-year[25] - Assets under management (AUM) for institutional accounts increased to $33,886 million, reflecting a 1.0% increase from December 31, 2024, and a 4.5% increase from March 31, 2024[23] - U.S. Real Estate AUM rose to$ 43,591 million, a 1.5% increase from December 31, 2024, and a 13.3% increase from March 31, 2024[24] - Global Listed Infrastructure AUM increased to $9,710 million, marking a 10.4% increase from December 31, 2024, and a 15.7% increase from March 31, 2024[25] Inflows and Outflows - Net inflows amounted to$ 222 million, contributing to the increase in AUM[11] - The company experienced net inflows of $222 million in Q1 2025, compared to net inflows of$ 860 million in Q4 2024[22] - Total net inflows for the company were $222 million, compared to net outflows of$ 1,970 million in the same period last year[25] - The company reported net outflows of $366 million in institutional accounts, a decrease from$ 2,543 million in the same period last year[23] Expenses - Employee compensation and benefits decreased by 3.5% to $54.6 million compared to$ 56.5 million in the previous quarter[6] - General and administrative expenses increased by 8.8% to $17.2 million, primarily due to non-recurring expenses[6] - Employee compensation and benefits expenses were$ 54.554 million in Q1 2025, a decrease of 3.4% from Q4 2024[20] Tax and Non-Operating Income - Effective income tax rate for Q1 2025 was 19.5%, down from 21.7% in Q4 2024[10] - The company reported a total non-operating income of $7.752 million for Q1 2025, a 21.7% increase from Q4 2024 and a 53.9% increase year-over-year[20] - Non-operating income for Q1 2025 was$ 7,752,000, an increase of 21.7% from $6,368,000 in Q4 2024, and an increase of 54.0% from$ 5,037,000 in Q1 2024[32] Currency and Adjustments - The company reported a foreign currency exchange gain of $969,000 in Q1 2025, compared to a loss of$ (2,824,000) in Q4 2024 and a loss of $(456,000) in Q1 2024[32] - Total tax adjustments for Q1 2025 amounted to$ (3,329,000), compared to $(994,000) in Q4 2024 and$ (910,000) in Q1 2024[29] Future Outlook - The company anticipates continued growth in assets under management driven by market appreciation and strategic inflows[18]