Cohen & Steers Files Q3 2024 10-Q
Ticker: CNS · Form: 10-Q · Filed: Nov 8, 2024 · CIK: 1284812
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials, investment-management
TL;DR
**CNS Q3 10-Q filed. Financials for 9 months ending Sep 30, 2024, are in.**
AI Summary
Cohen & Steers, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the year, detailing financial performance and operational updates for the investment management firm. Specific financial figures and operational metrics for these periods are presented within the report.
Why It Matters
This filing provides investors with a detailed look at Cohen & Steers' financial health and performance during the third quarter of 2024, impacting investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing financial updates, not indicating immediate significant risks.
Key Numbers
- 2024-09-30 — Reporting Period End (This is the end date for the financial data presented in the 10-Q.)
- 2024-01-01 — Year-to-Date Start (Beginning of the period for which financial data is reported.)
- 2023-09-30 — Prior Year Period End (For comparative financial analysis.)
Key Players & Entities
- COHEN & STEERS, INC. (company) — Filer
- 20240930 (date) — Reporting Period End Date
- 20241108 (date) — Filing Date
- 1166 AVENUE OF THE AMERICAS (location) — Business Address
FAQ
What is the primary business of Cohen & Steers, Inc. as indicated in the filing?
The filing indicates Cohen & Steers, Inc. is primarily involved in 'Investment Advice' (SIC code 6282).
What is the fiscal year end for Cohen & Steers, Inc.?
The fiscal year end for Cohen & Steers, Inc. is December 31 (1231).
When was the company's name last changed?
The company's name was last changed on March 24, 2004 (20040324).
What is the SEC file number for Cohen & Steers, Inc.?
The SEC file number for Cohen & Steers, Inc. is 001-32236.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 8, 2024 (20241108).
Filing Stats: 4,721 words · 19 min read · ~16 pages · Grade level 18 · Accepted 2024-11-08 08:12:39
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value CNS New York Stock Exchange
Filing Documents
- cns-20240930.htm (10-Q) — 1740KB
- cns10q-93024ex311.htm (EX-31.1) — 11KB
- cns10q-93024ex312.htm (EX-31.2) — 11KB
- cns10q-93024ex321.htm (EX-32.1) — 6KB
- cns10q-93024ex322.htm (EX-32.2) — 6KB
- cns-20240930_g1.jpg (GRAPHIC) — 55KB
- 0001284812-24-000361.txt ( ) — 6886KB
- cns-20240930.xsd (EX-101.SCH) — 29KB
- cns-20240930_cal.xml (EX-101.CAL) — 52KB
- cns-20240930_def.xml (EX-101.DEF) — 183KB
- cns-20240930_lab.xml (EX-101.LAB) — 478KB
- cns-20240930_pre.xml (EX-101.PRE) — 331KB
- cns-20240930_htm.xml (XML) — 978KB
Financial Information
Part I. Financial Information
Financial Statements
Item 1. Financial Statements 1 Condensed Consolidated Statements of Financial Condition (Unaudited) 1 Condensed Consolidated Statements of Operations (Unaudited) 2 Condensed Consolidated Statements of Comprehensive Income (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 8
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 34
Controls and Procedures
Item 4. Controls and Procedures 34
Other Information *
Part II. Other Information *
Legal Proceedings
Item 1. Legal Proceedings 35
Risk Factors
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Other Information
Item 5. Other Information 35
Exhibits
Item 6. Exhibits 36
Signatures
Signatures 37 * Items other than those listed above have been omitted because they are not applicable.
Forward-Looking Statements
Forward-Looking Statements This report and other documents filed by us 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 (the Exchange Act), which reflect management's current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. We believe that these factors include, but are not limited to, the risks described in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2023 (the Form 10-K), which is accessible on the Securities and Exchange Commission's website at www.sec.gov and on our website at www.cohenandsteers.com. These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in this report, the Form 10-K and our other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. We intend to use our website, www.cohenandsteers.com, as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.
—Financial Information
PART I—Financial Information
Financial Statements
Item 1. Financial Statements COHEN & STEERS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (in thousands, except share data) September 30, 2024 December 31, 2023 Assets: Cash and cash equivalents $ 106,474 $ 187,442 Investments ($ 68,244 and $ 159,931 ) (1) 320,883 258,970 Accounts receivable 78,673 68,889 Due from brokers ($ 101 and $ 13 ) (1) 2,446 4,677 Property and equipment—net 69,659 66,336 Operating lease right-of-use assets—net 100,927 103,302 Goodwill and intangible assets—net 19,500 19,395 Other assets ($ 76 and $ 644 ) (1) 29,225 27,543 Total assets $ 727,787 $ 736,554 Liabilities: Accrued compensation and benefits $ 48,679 $ 66,382 Distribution and service fees payable 8,314 10,144 Operating lease liabilities 140,595 140,408 Income tax payable 1,490 5,115 Due to brokers ($ 102 and $ 119 ) (1) 1,325 201 Other liabilities and accrued expenses ($ 347 and $ 449 ) (1) 14,832 21,657 Total liabilities 215,235 243,907 Commitments and contingencies (See Note 11) Redeemable noncontrolling interests 14,491 106,463 Stockholders' equity: Common stock, $ 0.01 par value; 500,000,000 shares authorized; 57,458,126 shares issued and 50,555,483 shares outstanding at September 30, 2024; and 55,788,720 shares issued and 49,155,447 shares outstanding at December 31, 2023 574 558 Additional paid-in capital 931,510 818,269 Accumulated deficit ( 144,420 ) ( 158,186 ) Accumulated other comprehensive loss ( 5,414 ) ( 7,708 ) Treasury stock, at cost, 6,902,643 and 6,633,273 shares at September 30, 2024 and December 31, 2023, respectively ( 291,241 ) ( 271,705 ) Total stockholders' equity attributable to Cohen & Steers, Inc. 491,009 381,228 Nonredeemable noncontrolling interests 7,052 4,956 Total stockholders' equity 498,061 386,184 Total liabilities, redeemable noncontrolling interests and stockholders' equity $ 727,787 $ 736,554 _________________________ (1) Amounts in parentheses represen