COHEN & STEERS INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $136,609 | $149,486 | $226,154 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Stock-based compensation expense—net | 44,468 | 49,352 | 40,464 |
| Depreciation and amortization | 5,142 | 5,667 | 5,721 |
| Amortization of right-of-use assets | 14,496 | 11,798 | 10,343 |
| Amortization (accretion) of premium (discount) on U.S. Treasury securities | (1,954) | (115) | (31) |
| (Gain) loss from investments—net | (4,291) | 25,106 | (18,784) |
| Deferred income taxes | 537 | (1,199) | 104 |
| Foreign currency (gain) loss | (787) | 1,587 | 1,974 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (1,426) | 15,827 | (16,384) |
| Due from brokers | (2,605) | (1,632) | 1,539 |
| Investments within consolidated investment vehicles | (19,260) | (170,372) | (27,525) |
| Other assets | (7,268) | 1,712 | 2,894 |
| Accrued compensation and benefits | (11,382) | (1,403) | 22,783 |
| Distribution and service fees payable | 1,723 | (1,762) | 2,435 |
| Operating lease liabilities | 19,199 | (11,935) | (11,550) |
| Due to brokers | 109 | 3,046 | 450 |
| Income tax payable | (2,743) | (15,036) | 9,991 |
| Other liabilities and accrued expenses | 1,394 | 1,553 | (7,677) |
| Net cash provided by (used in) operating activities | 171,961 | 61,680 | 242,901 |
| Cash flows from investing activities: | |||
| Purchases of investments | (169,402) | (145,345) | (54,043) |
| Proceeds from sales and maturities of investments | 111,612 | 146,711 | 104,386 |
| Purchases of property and equipment | (56,986) | (4,223) | (2,695) |
| Net cash provided by (used in) investing activities | (114,776) | (2,857) | 47,648 |
| Cash flows from financing activities: | |||
| Issuance of common stock—net | 1,063 | 1,043 | 1,001 |
| Repurchase of common stock | (21,536) | (26,815) | (22,592) |
| Dividends to stockholders | (112,446) | (107,352) | (147,555) |
| Net contributions (distributions) from noncontrolling interests | 14,470 | 142,099 | 23,720 |
| Other | (603) | — | — |
| Net cash provided by (used in) financing activities | (119,052) | 8,975 | (145,426) |
| Net increase (decrease) in cash and cash equivalents | (61,867) | 67,798 | 145,123 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 2,756 | (4,440) | (999) |
| Cash and cash equivalents, beginning of the year | 248,714 | 185,356 | 41,232 |
| Cash and cash equivalents, end of the year | $189,603 | $248,714 | $185,356 |
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) | 2023 | 2022 | 2021 |
| Cash and cash equivalents | $187,442 | $247,418 | $184,373 |
| Cash included in investments (1) | 2,161 | 1,296 | 983 |
| Total cash and cash equivalents within consolidated statements of cash flows | $189,603 | $248,714 | $185,356 |
(1) Cash included in investments represents operating cash held in consolidated investment vehicles.
For the years ended December 31, 2023, 2022 and 2021, the Company paid taxes, net of tax refunds, of $45.8 million, $63.6 million and $45.7 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 $3.4 million, $3.1 million and $4.3 million for the years ended December 31, 2023, 2022 and 2021, respectively. These amounts are included in the issuance of restricted stock units—net and in dividends in the consolidated statements of changes in stockholders' equity.
Non-cash investing activities included $4.7 million related to purchases of property and equipment in connection with the Company's new headquarters that remain unpaid at December 31, 2023.
Effective August 1, 2022, the Company's proportionate ownership interest in a variable interest entity, the Cohen & Steers SICAV Diversified Real Assets Fund (SICAV RAP), fell below 10% and the Company deconsolidated the assets and liabilities of SICAV RAP resulting in a non-cash reduction of $120.3 million from both investments and redeemable noncontrolling interests.
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