COHEN & STEERS INC
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $119,774 | $93,972 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Stock-based compensation expense—net | 41,432 | 33,334 |
| Depreciation and amortization | 8,299 | 3,374 |
| Non-cash lease expense | 4,572 | 11,851 |
| (Gain) loss from investments—net | (17,941) | 10,008 |
| Deferred income taxes | 99 | (7,994) |
| Foreign currency (gain) loss | (1,865) | 609 |
| Amortization (accretion) of premium (discount) on U.S. Treasury securities—net | (1,339) | (989) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (7,919) | (4,222) |
| Due from brokers | (22,360) | (687) |
| Investments within consolidated investment vehicles | (43,440) | (12,175) |
| Other assets | (3,901) | (9,912) |
| Accrued compensation and benefits | (17,703) | (27,775) |
| Distribution and service fees payable | (1,830) | 889 |
| Operating lease liabilities | (1,981) | 19,452 |
| Due to brokers | 23,693 | 2,652 |
| Income tax payable | (3,249) | 1,245 |
| Other liabilities and accrued expenses | (12,479) | (248) |
| Net cash provided by (used in) operating activities | 61,862 | 113,384 |
| Cash flows from investing activities: | ||
| Purchases of investments | (337,877) | (132,205) |
| Proceeds from sales and maturities of investments | 205,028 | 50,311 |
| Purchases of property and equipment | (9,973) | (46,139) |
| Net cash provided by (used in) investing activities | (142,822) | (128,033) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock under employee stock purchase plan | 911 | 907 |
| Proceeds from issuance of common stock from offering, net of issuance costs | 68,464 | — |
| Repurchase of common stock for employee tax withholding | (19,566) | (20,678) |
| Dividends to stockholders | (89,185) | (84,359) |
| Net contributions (distributions) from noncontrolling interests | 44,452 | 5,573 |
| Other | (15) | (603) |
| Net cash provided by (used in) financing activities | 5,061 | (99,160) |
| Net increase (decrease) in cash and cash equivalents | (75,899) | (113,809) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 1,988 | 724 |
| Cash and cash equivalents, beginning of the period | 189,603 | 248,714 |
| Cash and cash equivalents, end of the period | $115,692 | $135,629 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
Supplemental disclosures of cash flow information:
The following table provides a reconciliation of cash and cash equivalents reported within the condensed consolidated statements of financial condition to the cash and cash equivalents reported within the condensed consolidated statements of cash flows above:
| As of September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash and cash equivalents | $106,474 | $133,050 |
| Cash included in investments (1) | 9,218 | 2,579 |
| Total cash and cash equivalents within condensed consolidated statements of cash flows | $115,692 | $135,629 |
(1)Cash included in investments represents operating cash held in consolidated investment vehicles.
During the nine months ended September 30, 2024 and 2023, the Company paid taxes, net of tax refunds, of $37.2 million and $38.5 million, respectively.
Supplemental disclosures of non-cash investing and financing activities:
In connection with its stock incentive plan, the Company issued dividend equivalents in the form of restricted stock units, net of forfeitures, in the amount of $2.5 million for both the nine months ended September 30, 2024 and 2023, respectively.
Effective September 1, 2024, the Company deconsolidated the Cohen & Steers SICAV Global Real Estate Fund resulting in a non-cash reduction of $148.7 million from both investments and redeemable noncontrolling interests.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.