Cohen & Steers Inc · NYSE:CNS
Cohen & Steers — Q3 2015 Earnings Presentation
12 slides from Cohen & Steers's earnings presentation, Oct 14, 2015
Slide 1: Cohen & Steers: Q3 2015 Earnings Presentation
Cohen & Steers: Q3 2015 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 Third Quarter 2015 Results
Summary of Third Quarter 2015 Results • September 30, 2015 AUM of $49.7 billion versus $50.1 billion at Assets Under June 30, 2015 Management • Average AUM was $50.7 billion for Q3 2015 versus $53.3 billion in Q2 2015 • Overall net outflows of $239 million for Q3 2015; -2% annualized organic growth
Slide 4: Financial Results
Financial Results Revenue $83.8 $83.5 $80.8 $81.8 $79.7 ($ millions) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Expenses $48.5 $49.5 $49.3 $52.3 $48.2 ($ millions) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Earnings per $0.40 $0.45 $0.45 $0.34 $0.37 Share Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Operating
Slide 5: Revenue
Revenue $ millions Open-end Closed-end Institutional Distribution & Portfolio consulting fund fees fund fees fees service fees and other $80.8 $81.8 $83.8 $83.5 $79.7 $2.1 $2.3 $1.9 $2.1 $3.9 $4.0 $2.2 $3.7 $3.7 $4.0 $21.1 $21.8 $21.5 $20.5 $20.7 $21.3 $21.1 $20.9 $20.9 $20.0 $33.4 $33.8 $35.1 $34.8
Slide 6: Expenses
Expenses $ millions Employee compensation & benefits General & administrative Distribution and service fees Depreciation and amortization $48.5 $49.5 $49.3 $52.3 $48.2 $1.6 $1.5 $1.6 $1.6 $1.5 $9.5 $9.0 $8.9 $9.2 $8.6 $12.8 $11.3 $12.9 $12.5 $12.2 $26.7 $28.4 $26.1 $26.0 $25.9 Q3 2014 Q4 2014 Q1 201
Slide 7: Cash, Cash Equivalents and Seed Investments
Cash, Cash Equivalents and Seed Investments $ millions U.S. cash Non-U.S. cash Seed investments $203 $185 $158 $181 $197 $65 $50 $60 $55 $58 $84 $78 $80 $85 $79 $60 $63 $45 $41 $21 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 7
Slide 8: Assets Under Management
Assets Under Management $ billions Ending AUM Avg. AUM $55.0 $52.4 $53.3 $51.6 $50.7 $53.1 $54.7 $49.7 $50.1 $49.7 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 8
Slide 9: Ending Assets Under Management – Q3 2015
Ending Assets Under Management – Q3 2015 Other – 4.9% Other Closed-end Funds Global Listed 8.7% 18.0% Infrastructure – 10.5% Preferred Securities Japan 13.8% 24.7% Open-end Funds 32.5% Global/Intl Real Estate 18.9% Advisory 14.4% North America Other Subadvisory 66.6% 10.5% U.S. Real Estate 51.9% Jap
Slide 10: Total Firm Net Flows
Total Firm Net Flows $ billions Inflows Outflows Net flows $2.4 $2.4 $2.3 $1.8 $1.8 ($2.0) ($2.7) ($2.5) ($3.4) ($3.2) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 10
Slide 11: Net Flows by Investment Vehicle
Net Flows by Investment Vehicle Inflows $ billions Outflows Net flows Open-end Funds Advisory $1.5 $1.4 $1.6 $1.3 $0.4 $1.1 $0.2 $0.2 $0.2 $0.1 $(0.2) $(0.2) $(0.0) ($1.4) ($1.3) $(0.4) ($1.5) ($1.8) $(0.6) ($1.9) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Subadv
Slide 12: Net Flows by Investment Strategy
Net Flows by Investment Strategy Inflows $ billions Outflows Net flows U.S. Real Estate Global/International Real Estate $0.7 $0.7 $0.8 $0.6 $0.6 $0.6 $0.4 $0.3 $0.4 ($1.1) $0.2 ($1.3) ($1.3) ($1.1) ($0.5) ($0.4) ($2.2) ($0.7) ($0.6) ($0.7) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q3 2014 Q4 2014 Q1