COHEN & STEERS INC
For the period ended Mar 31, 2024. Filed May 3, 2024.
View on SEC.govAbout this filing
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.
Mar 31, 2024 · Filed May 3, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $34,414 | $36,298 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Stock-based compensation expense—net | 12,998 | 10,698 |
| Depreciation and amortization | 2,669 | 1,258 |
| Amortization of right-of-use assets | 2,074 | 3,982 |
| Amortization (accretion) of premium (discount) on U.S. Treasury securities | (422) | (28) |
| (Gain) loss from investments—net | (984) | 308 |
| Deferred income taxes | 4,164 | 3,369 |
| Foreign currency (gain) loss | 1,070 | (117) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (7,510) | (6,254) |
| Due from brokers | (11,804) | (282) |
| Investments within consolidated investment vehicles | 11,046 | (5,577) |
| Other assets | (3,284) | (5,744) |
| Accrued compensation and benefits | (49,221) | (61,200) |
| Distribution and service fees payable | (2,423) | 1,184 |
| Operating lease liabilities | 826 | (1,067) |
| Due to brokers | 16,917 | 1,184 |
| Income tax payable | 5,504 | 3,515 |
| Other liabilities and accrued expenses | (11,171) | 3,507 |
| Net cash provided by (used in) operating activities | 4,863 | (14,966) |
| Cash flows from investing activities: | ||
| Purchases of investments | (93,560) | (38,536) |
| Proceeds from sales and maturities of investments | 68,525 | 8,115 |
| Purchases of property and equipment | (4,326) | (4,586) |
| Net cash provided by (used in) investing activities | (29,361) | (35,007) |
| Cash flows from financing activities: | ||
| Issuance of common stock—net | 357 | 387 |
| Repurchase of common stock for employee tax withholding | (19,364) | (20,441) |
| Dividends to stockholders | (29,301) | (28,101) |
| Net contributions (distributions) from noncontrolling interests | (15,938) | 2,239 |
| Other | (15) | (603) |
| Net cash provided by (used in) financing activities | (64,261) | (46,519) |
| Net increase (decrease) in cash and cash equivalents | (88,759) | (96,492) |
| Effect of foreign exchange rate changes on cash and cash equivalents | (708) | 1,409 |
| Cash and cash equivalents, beginning of the period | 189,603 | 248,714 |
| Cash and cash equivalents, end of the period | $100,136 | $153,631 |
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 March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash and cash equivalents | $99,521 | $149,518 |
| Cash included in investments (1) | 615 | 4,113 |
| Total cash and cash equivalents within condensed consolidated statements of cash flows | $100,136 | $153,631 |
(1) Cash included in investments represents operating cash held in consolidated investment vehicles.
During the three months ended March 31, 2024 and 2023, the Company paid taxes, net of tax refunds, of $1.2 million and $3.3 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 $0.9 million and $0.8 million for the three months ended March 31, 2024 and 2023, respectively. These amounts are included in the issuance of restricted stock units—net and in dividends in the condensed consolidated statements of changes in stockholders' equity.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.