COHEN & STEERS INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income | $162,792 | $136,609 | $149,486 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Stock-based compensation expense—net | 52,301 | 44,468 | 49,352 |
| Depreciation and amortization | 11,169 | 5,142 | 5,667 |
| Non-cash lease expense | 5,732 | 14,496 | 11,798 |
| (Gain) loss from investments—net | (16,582) | (4,291) | 25,106 |
| Deferred income taxes | (297) | 537 | (1,199) |
| Foreign currency (gain) loss | 1,238 | (787) | 1,587 |
| Amortization (accretion) of premium (discount) on U.S. Treasury securities—net | (1,083) | (1,954) | (115) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (6,738) | (1,426) | 15,827 |
| Due from brokers | (21,573) | (2,605) | (1,632) |
| Investments within consolidated funds | (96,132) | (19,260) | (170,372) |
| Other assets | (4,758) | (7,268) | 1,712 |
| Accrued compensation and benefits | 4,667 | (11,382) | (1,403) |
| Distribution and service fees payable | (1,659) | 1,723 | (1,762) |
| Operating lease liabilities | (931) | 19,199 | (11,935) |
| Due to brokers | 25,081 | 109 | 3,046 |
| Income tax payable | (162) | (2,743) | (15,036) |
| Other liabilities and accrued expenses | (16,376) | 1,394 | 1,553 |
| Net cash provided by (used in) operating activities | 96,689 | 171,961 | 61,680 |
| Cash flows from investing activities: | |||
| Purchases of investments | (417,459) | (169,402) | (145,345) |
| Proceeds from sales and maturities of investments | 309,398 | 111,612 | 146,711 |
| Purchases of property and equipment | (11,651) | (56,986) | (4,223) |
| Net cash provided by (used in) investing activities | (119,712) | (114,776) | (2,857) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock under employee stock purchase plan | 1,100 | 1,063 | 1,043 |
| Proceeds from issuance of common stock from offering, net of issuance costs | 68,464 | — | — |
| Repurchase of common stock for employee tax withholding | (21,106) | (21,536) | (26,815) |
| Dividends to stockholders | (119,181) | (112,446) | (107,352) |
| Net contributions (distributions) from noncontrolling interests | 88,905 | 14,470 | 142,099 |
| Other | (15) | (603) | — |
| Net cash provided by (used in) financing activities | 18,167 | (119,052) | 8,975 |
| Net increase (decrease) in cash and cash equivalents | (4,856) | (61,867) | 67,798 |
| Effect of foreign exchange rate changes on cash and cash equivalents | (1,585) | 2,756 | (4,440) |
| Cash and cash equivalents, beginning of the year | 189,603 | 248,714 | 185,356 |
| Cash and cash equivalents, end of the year | $183,162 | $189,603 | $248,714 |
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 consolidated statements of financial condition to the cash and cash equivalents reported within the consolidated statements of cash flows above:
| As of December 31, | |||
|---|---|---|---|
| (in thousands) | 2024 | 2023 | 2022 |
| Cash and cash equivalents | $182,974 | $187,442 | $247,418 |
| Cash included in investments (1) | 188 | 2,161 | 1,296 |
| Total cash and cash equivalents within consolidated statements of cash flows | $183,162 | $189,603 | $248,714 |
(1) Cash included in investments represents operating cash held in consolidated funds.
For the years ended December 31, 2024, 2023 and 2022, the Company paid taxes, net of tax refunds, of $47.2 million, $45.8 million and $63.6 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 $3.2 million, $3.4 million and $3.1 million for the years ended December 31, 2024, 2023 and 2022, 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 for the year ended December 31, 2024.
Non-cash investing activities for the year ended December 31, 2023 included $4.7 million related to purchases of property and equipment in connection with the Company's new headquarters that were unpaid at December 31, 2023.
Effective August 1, 2022, the Company deconsolidated the Cohen & Steers SICAV Diversified Real Assets Fund resulting in a non-cash reduction of $120.3 million from both investments and redeemable noncontrolling interests for the year ended December 31, 2022.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.