Delaware | 001-32236 | 14-1904657 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
280 Park Avenue, New York, New York | 10017 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 832-3232 |
_________________________________________ (Former Name or Former Address, if Changed Since Last Report) |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company o |
Exhibit No. | Description | |
99.1 | ||
99.2 |
Cohen & Steers, Inc. (Registrant) |
Date: October 17, 2018 | By: | /s/ Matthew S. Stadler |
Name: Matthew S. Stadler Title: Executive Vice President and Chief Financial Officer |
• | Diluted EPS of $0.65; $0.64, as adjusted |
• | Operating margin of 39.9%; 40.2%, as adjusted |
• | Ending AUM of $60.1 billion; average AUM of $60.4 billion |
• | Net outflows of $76 million |
Financial Highlights (Unaudited) | ||||||||||||
For the Periods | ||||||||||||
(in thousands, except percentages and per share data) | Three Months Ended | |||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||
U.S. GAAP | ||||||||||||
Revenue (1) | $ | 98,331 | $ | 94,410 | $ | 96,787 | ||||||
Expenses (1) | $ | 59,108 | $ | 58,123 | $ | 55,814 | ||||||
Operating income (loss) | $ | 39,223 | $ | 36,287 | $ | 40,973 | ||||||
Non-operating income (loss) | $ | 1,047 | $ | (778 | ) | $ | 2,327 | |||||
Net income attributable to common stockholders (2) | $ | 30,790 | $ | 29,959 | $ | 25,082 | ||||||
Diluted earnings per share | $ | 0.65 | $ | 0.63 | $ | 0.53 | ||||||
Operating margin | 39.9 | % | 38.4 | % | 42.3 | % | ||||||
As Adjusted (3) | ||||||||||||
Net income attributable to common stockholders (2) | $ | 30,272 | $ | 27,865 | $ | 25,651 | ||||||
Diluted earnings per share | $ | 0.64 | $ | 0.59 | $ | 0.55 | ||||||
Operating margin | 40.2 | % | 38.7 | % | 41.8 | % | ||||||
_________________________ (1) The presentation for the third quarter of 2017 has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, 2018. (2) Net income for the second and third quarters of 2018 reflected the lower U.S. federal statutory tax rate of 21% due to the Tax Cuts and Jobs Act. (3) The “As Adjusted” amounts represent non-GAAP financial measures. Refer to pages 18-19 for reconciliations to the most directly comparable U.S. GAAP financial measures. |
• | Institutional account revenue increased $1.1 million to $25.9 million; |
• | Open-end fund revenue increased $1.9 million to $42.4 million; and |
• | Closed-end fund revenue increased $728,000 to $19.9 million. |
• | Higher employee compensation and benefits of $620,000, primarily due to salaries and incentive compensation attributable to increased headcount; |
• | Higher distribution and service fees expense of $770,000, primarily due to higher average assets under management in U.S. open-end funds and incremental revenue sharing and sub-transfer agent fees on certain assets by one of the Company’s intermediaries; and |
• | Lower general and administrative expenses of $338,000, primarily due to fewer sponsored and hosted conferences. |
• | Interest and dividend income, which included $1.6 million and $2.0 million of interest and dividend income from seed investments and $1.1 million and $836,000 of interest on corporate cash for the third quarter of 2018 and second quarter of 2018, respectively; |
• | Gain (loss) from investments, which included net realized and unrealized gains of $413,000 for the third quarter of 2018, compared with net realized and unrealized losses of $603,000 for the second quarter of 2018; |
• | Foreign currency gains (losses), which included net losses of $2.4 million and $4.0 million attributable to consolidated seed investments and net gains of $226,000 and $955,000 attributable to foreign currency related activities for the third quarter of 2018 and second quarter of 2018, respectively; and |
• | Net loss attributable to redeemable noncontrolling interest of $1.1 million for the third quarter of 2018, compared with $4.4 million for the second quarter of 2018. Net (income) loss attributable to redeemable noncontrolling interest represents third-party interests in consolidated funds. |
Assets Under Management Highlights (Unaudited) | |||||||||||
(in millions) | As of | ||||||||||
By Investment Vehicle | September 30, 2018 | June 30, 2018 | % Change | ||||||||
Institutional accounts | $ | 27,723 | $ | 28,316 | (2.1 | %) | |||||
Open-end funds | 23,277 | 22,827 | 2.0 | % | |||||||
Closed-end funds | 9,084 | 9,061 | 0.3 | % | |||||||
Total | $ | 60,084 | $ | 60,204 | (0.2 | %) | |||||
By Investment Strategy | |||||||||||
U.S. real estate | $ | 25,592 | $ | 25,837 | (0.9 | %) | |||||
Preferred securities | 13,147 | 12,932 | 1.7 | % | |||||||
Global/international real estate | 11,614 | 11,674 | (0.5 | %) | |||||||
Global listed infrastructure | 6,982 | 6,909 | 1.1 | % | |||||||
Other | 2,749 | 2,852 | (3.6 | %) | |||||||
Total | $ | 60,084 | $ | 60,204 | (0.2 | %) | |||||
• | Japan subadvisory: |
◦ | Net outflows of $314 million, including $229 million from U.S. real estate and $43 million from global/international real estate; |
◦ | Market appreciation of $146 million, including $131 million from U.S. real estate; and |
◦ | Distributions of $433 million, including $406 million from U.S. real estate. |
• | Subadvisory excluding Japan: |
◦ | Net outflows of $335 million, including $167 million from commodities (included in "Other" in the table above), $50 million from large cap value (included in "Other" in the table above) and $38 million from global/international real estate; and |
◦ | Market appreciation of $65 million, including $36 million from large cap value (included in "Other" in the table above) and $21 million from global/international real estate. |
• | Advisory: |
◦ | Net inflows of $148 million, including $136 million into preferred securities and $84 million into real assets multi-strategy (included in "Other" in the table above), partially offset by net outflows of $69 million from global/international real estate and $27 million from U.S. real estate; and |
◦ | Market appreciation of $130 million, including $49 million from U.S. real estate, $31 million from global/international real estate and $24 million from global listed infrastructure. |
• | Net inflows of $425 million, including $274 million into U.S. real estate, $100 million into preferred securities and $50 million into global/international real estate; |
• | Market appreciation of $266 million, including $149 million from U.S. real estate and $102 million from preferred securities; and |
• | Distributions of $241 million, including $128 million from U.S. real estate and $111 million from preferred securities. |
(1) | Past performance is no guarantee of future results. Outperformance is determined by annualized investment performance of all accounts in each investment strategy measured gross of fees and net of withholding taxes in comparison to the performance of each account's reference benchmark measured net of withholding taxes, where applicable. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. |
(2) | © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar calculates its ratings based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. Past performance is no guarantee of future results. Based on independent rating by Morningstar, Inc. of investment performance of each Cohen & Steers-sponsored open-end U.S.-registered mutual fund for all share classes for the overall period at September 30, 2018. Overall Morningstar rating is a weighted average based on the 3-year, 5-year and 10-year Morningstar rating. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. This is not investment advice and may not be construed as sales or marketing material for any financial product or service sponsored or provided by Cohen & Steers. |
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||
For the Periods | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||
Three Months Ended (1) | % Change From | |||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | June 30, 2018 | September 30, 2017 | ||||||||||||||
Revenue | ||||||||||||||||||
Investment advisory and administration fees | $ | 88,150 | $ | 84,420 | $ | 86,252 | ||||||||||||
Distribution and service fees | 7,451 | 7,257 | 7,808 | |||||||||||||||
Portfolio consulting and other | 2,730 | 2,733 | 2,727 | |||||||||||||||
Total revenue | 98,331 | 94,410 | 96,787 | 4.2 | % | 1.6 | % | |||||||||||
Expenses | ||||||||||||||||||
Employee compensation and benefits | 33,126 | 32,506 | 31,886 | |||||||||||||||
Distribution and service fees | 13,210 | 12,440 | 12,968 | |||||||||||||||
General and administrative | 11,634 | 11,972 | 9,849 | |||||||||||||||
Depreciation and amortization | 1,138 | 1,205 | 1,111 | |||||||||||||||
Total expenses | 59,108 | 58,123 | 55,814 | 1.7 | % | 5.9 | % | |||||||||||
Operating income (loss) | 39,223 | 36,287 | 40,973 | 8.1 | % | (4.3 | %) | |||||||||||
Non-operating income (loss) | ||||||||||||||||||
Interest and dividend income—net | 2,747 | 2,886 | 1,425 | |||||||||||||||
Gain (loss) from investments—net | 413 | (603 | ) | 912 | ||||||||||||||
Foreign currency gains (losses)—net | (2,113 | ) | (3,061 | ) | (10 | ) | ||||||||||||
Total non-operating income (loss) | 1,047 | (778 | ) | 2,327 | * | (55.0 | %) | |||||||||||
Income before provision for income taxes | 40,270 | 35,509 | 43,300 | 13.4 | % | (7.0 | %) | |||||||||||
Provision for income taxes | 10,539 | 9,940 | 17,562 | |||||||||||||||
Net income | 29,731 | 25,569 | 25,738 | 16.3 | % | 15.5 | % | |||||||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | 1,059 | 4,390 | (656 | ) | ||||||||||||||
Net income attributable to common stockholders | $ | 30,790 | $ | 29,959 | $ | 25,082 | 2.8 | % | 22.8 | % | ||||||||
Earnings per share attributable to common stockholders | ||||||||||||||||||
Basic | $ | 0.66 | $ | 0.64 | $ | 0.54 | 2.7 | % | 21.6 | % | ||||||||
Diluted | $ | 0.65 | $ | 0.63 | $ | 0.53 | 2.3 | % | 21.5 | % | ||||||||
Dividends declared per share | ||||||||||||||||||
Quarterly | $ | 0.33 | $ | 0.33 | $ | 0.28 | — | % | 17.9 | % | ||||||||
Weighted average shares outstanding | ||||||||||||||||||
Basic | 46,830 | 46,819 | 46,386 | |||||||||||||||
Diluted | 47,524 | 47,311 | 47,047 | |||||||||||||||
_________________________ * Not meaningful. (1) The presentation for the third quarter of 2017 has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, 2018. In addition, certain prior period amounts have been reclassified to conform with the current period presentation. Amounts reclassified had no impact on net income and diluted earnings per share for all historical periods presented. |
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||
For the Periods | |||||||||||
(in thousands, except per share data) | |||||||||||
Nine Months Ended (1) | |||||||||||
September 30, 2018 | September 30, 2017 | % Change | |||||||||
Revenue | |||||||||||
Investment advisory and administration fees | $ | 257,004 | $ | 248,096 | |||||||
Distribution and service fees | 22,108 | 22,867 | |||||||||
Portfolio consulting and other | 8,093 | 8,279 | |||||||||
Total revenue | 287,205 | 279,242 | 2.9 | % | |||||||
Expenses | |||||||||||
Employee compensation and benefits | 96,788 | 91,681 | |||||||||
Distribution and service fees | 38,492 | 39,725 | |||||||||
General and administrative | 35,791 | 30,733 | |||||||||
Depreciation and amortization | 3,405 | 3,245 | |||||||||
Total expenses | 174,476 | 165,384 | 5.5 | % | |||||||
Operating income (loss) | 112,729 | 113,858 | (1.0 | %) | |||||||
Non-operating income (loss) | |||||||||||
Interest and dividend income—net | 7,434 | 2,710 | |||||||||
Gain (loss) from investments—net | (4,692 | ) | 737 | ||||||||
Foreign currency gains (losses)—net | (2,672 | ) | (632 | ) | |||||||
Total non-operating income (loss) | 70 | 2,815 | (97.5 | %) | |||||||
Income before provision for income taxes | 112,799 | 116,673 | (3.3 | %) | |||||||
Provision for income taxes | 28,575 | 44,993 | |||||||||
Net income | 84,224 | 71,680 | 17.5 | % | |||||||
Less: Net (income) loss attributable to redeemable noncontrolling interest | 4,111 | (139 | ) | ||||||||
Net income attributable to common stockholders | $ | 88,335 | $ | 71,541 | 23.5 | % | |||||
Earnings per share attributable to common stockholders | |||||||||||
Basic | $ | 1.89 | $ | 1.54 | 22.3 | % | |||||
Diluted | $ | 1.87 | $ | 1.53 | 22.3 | % | |||||
Dividends declared per share | |||||||||||
Quarterly | $ | 0.99 | $ | 0.84 | 17.9 | % | |||||
Weighted average shares outstanding | |||||||||||
Basic | 46,778 | 46,335 | |||||||||
Diluted | 47,327 | 46,858 | |||||||||
_________________________ (1) The presentation for the nine months ended September 30, 2017 has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, 2018. In addition, certain prior period amounts have been reclassified to conform with the current period presentation. Amounts reclassified had no impact on net income and diluted earnings per share for all historical periods presented. |
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Assets Under Management (Unaudited) | ||||||||||||||||||
By Investment Vehicle | ||||||||||||||||||
For the Periods | ||||||||||||||||||
(in millions) | ||||||||||||||||||
Three Months Ended | % Change From | |||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | June 30, 2018 | September 30, 2017 | ||||||||||||||
Institutional Accounts | ||||||||||||||||||
Assets under management, beginning of period | $ | 28,316 | $ | 27,438 | $ | 29,457 | ||||||||||||
Inflows | 383 | 752 | 1,677 | |||||||||||||||
Outflows | (884 | ) | (714 | ) | (1,151 | ) | ||||||||||||
Net inflows (outflows) | (501 | ) | 38 | 526 | ||||||||||||||
Market appreciation (depreciation) | 341 | 1,374 | 363 | |||||||||||||||
Distributions | (433 | ) | (566 | ) | (731 | ) | ||||||||||||
Transfers | — | 32 | 16 | |||||||||||||||
Total increase (decrease) | (593 | ) | 878 | 174 | ||||||||||||||
Assets under management, end of period | $ | 27,723 | $ | 28,316 | $ | 29,631 | (2.1 | %) | (6.4 | %) | ||||||||
Percentage of total assets under management | 46.1 | % | 47.0 | % | 48.2 | % | ||||||||||||
Average assets under management | $ | 27,992 | $ | 27,412 | $ | 29,659 | 2.1 | % | (5.6 | %) | ||||||||
Open-end Funds | ||||||||||||||||||
Assets under management, beginning of period | $ | 22,827 | $ | 22,136 | $ | 21,613 | ||||||||||||
Inflows | 2,000 | 2,119 | 2,297 | |||||||||||||||
Outflows | (1,575 | ) | (1,989 | ) | (1,428 | ) | ||||||||||||
Net inflows (outflows) | 425 | 130 | 869 | |||||||||||||||
Market appreciation (depreciation) | 266 | 906 | 227 | |||||||||||||||
Distributions | (241 | ) | (313 | ) | (177 | ) | ||||||||||||
Transfers | — | (32 | ) | (16 | ) | |||||||||||||
Total increase (decrease) | 450 | 691 | 903 | |||||||||||||||
Assets under management, end of period | $ | 23,277 | $ | 22,827 | $ | 22,516 | 2.0 | % | 3.4 | % | ||||||||
Percentage of total assets under management | 38.7 | % | 37.9 | % | 36.6 | % | ||||||||||||
Average assets under management | $ | 23,245 | $ | 22,340 | $ | 22,159 | 4.1 | % | 4.9 | % | ||||||||
Closed-end Funds | ||||||||||||||||||
Assets under management, beginning of period | $ | 9,061 | $ | 8,888 | $ | 9,367 | ||||||||||||
Inflows | — | 12 | — | |||||||||||||||
Outflows | — | — | — | |||||||||||||||
Net inflows (outflows) | — | 12 | — | |||||||||||||||
Market appreciation (depreciation) | 151 | 289 | 129 | |||||||||||||||
Distributions | (128 | ) | (128 | ) | (122 | ) | ||||||||||||
Total increase (decrease) | 23 | 173 | 7 | |||||||||||||||
Assets under management, end of period | $ | 9,084 | $ | 9,061 | $ | 9,374 | 0.3 | % | (3.1 | %) | ||||||||
Percentage of total assets under management | 15.1 | % | 15.1 | % | 15.2 | % | ||||||||||||
Average assets under management | $ | 9,177 | $ | 8,965 | $ | 9,428 | 2.4 | % | (2.7 | %) | ||||||||
Total | ||||||||||||||||||
Assets under management, beginning of period | $ | 60,204 | $ | 58,462 | $ | 60,437 | ||||||||||||
Inflows | 2,383 | 2,883 | 3,974 | |||||||||||||||
Outflows | (2,459 | ) | (2,703 | ) | (2,579 | ) | ||||||||||||
Net inflows (outflows) | (76 | ) | 180 | 1,395 | ||||||||||||||
Market appreciation (depreciation) | 758 | 2,569 | 719 | |||||||||||||||
Distributions | (802 | ) | (1,007 | ) | (1,030 | ) | ||||||||||||
Total increase (decrease) | (120 | ) | 1,742 | 1,084 | ||||||||||||||
Assets under management, end of period | $ | 60,084 | $ | 60,204 | $ | 61,521 | (0.2 | %) | (2.3 | %) | ||||||||
Average assets under management | $ | 60,414 | $ | 58,717 | $ | 61,246 | 2.9 | % | (1.4 | %) | ||||||||
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Management (Unaudited) | |||||||||||
By Investment Vehicle | |||||||||||
For the Periods | |||||||||||
(in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2018 | September 30, 2017 | % Change | |||||||||
Institutional Accounts | |||||||||||
Assets under management, beginning of period | $ | 29,396 | $ | 28,659 | |||||||
Inflows | 1,878 | 3,552 | |||||||||
Outflows | (2,433 | ) | (2,268 | ) | |||||||
Net inflows (outflows) | (555 | ) | 1,284 | ||||||||
Market appreciation (depreciation) | 449 | 1,887 | |||||||||
Distributions | (1,599 | ) | (2,391 | ) | |||||||
Transfers | 32 | 192 | |||||||||
Total increase (decrease) | (1,673 | ) | 972 | ||||||||
Assets under management, end of period | $ | 27,723 | $ | 29,631 | (6.4 | %) | |||||
Percentage of total assets under management | 46.1 | % | 48.2 | % | |||||||
Average assets under management | $ | 27,730 | $ | 29,302 | (5.4 | %) | |||||
Open-end Funds | |||||||||||
Assets under management, beginning of period | $ | 23,304 | $ | 19,576 | |||||||
Inflows | 6,654 | 7,048 | |||||||||
Outflows | (6,102 | ) | (4,702 | ) | |||||||
Net inflows (outflows) | 552 | 2,346 | |||||||||
Market appreciation (depreciation) | 213 | 1,399 | |||||||||
Distributions | (760 | ) | (613 | ) | |||||||
Transfers | (32 | ) | (192 | ) | |||||||
Total increase (decrease) | (27 | ) | 2,940 | ||||||||
Assets under management, end of period | $ | 23,277 | $ | 22,516 | 3.4 | % | |||||
Percentage of total assets under management | 38.7 | % | 36.6 | % | |||||||
Average assets under management | $ | 22,631 | $ | 21,132 | 7.1 | % | |||||
Closed-end Funds | |||||||||||
Assets under management, beginning of period | $ | 9,406 | $ | 8,963 | |||||||
Inflows | 12 | — | |||||||||
Outflows | — | — | |||||||||
Net inflows (outflows) | 12 | — | |||||||||
Market appreciation (depreciation) | 50 | 777 | |||||||||
Distributions | (384 | ) | (366 | ) | |||||||
Total increase (decrease) | (322 | ) | 411 | ||||||||
Assets under management, end of period | $ | 9,084 | $ | 9,374 | (3.1 | %) | |||||
Percentage of total assets under management | 15.1 | % | 15.2 | % | |||||||
Average assets under management | $ | 9,078 | $ | 9,308 | (2.5 | %) | |||||
Total | |||||||||||
Assets under management, beginning of period | $ | 62,106 | $ | 57,198 | |||||||
Inflows | 8,544 | 10,600 | |||||||||
Outflows | (8,535 | ) | (6,970 | ) | |||||||
Net inflows (outflows) | 9 | 3,630 | |||||||||
Market appreciation (depreciation) | 712 | 4,063 | |||||||||
Distributions | (2,743 | ) | (3,370 | ) | |||||||
Total increase (decrease) | (2,022 | ) | 4,323 | ||||||||
Assets under management, end of period | $ | 60,084 | $ | 61,521 | (2.3 | %) | |||||
Average assets under management | $ | 59,439 | $ | 59,742 | (0.5 | %) | |||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | ||||||||||||||||||
By Account Type | ||||||||||||||||||
For the Periods | ||||||||||||||||||
(in millions) | ||||||||||||||||||
Three Months Ended | % Change From | |||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | June 30, 2018 | September 30, 2017 | ||||||||||||||
Japan Subadvisory | ||||||||||||||||||
Assets under management, beginning of period | $ | 9,849 | $ | 9,876 | $ | 13,227 | ||||||||||||
Inflows | 35 | 34 | 352 | |||||||||||||||
Outflows | (349 | ) | (186 | ) | (627 | ) | ||||||||||||
Net inflows (outflows) | (314 | ) | (152 | ) | (275 | ) | ||||||||||||
Market appreciation (depreciation) | 146 | 691 | 54 | |||||||||||||||
Distributions | (433 | ) | (566 | ) | (731 | ) | ||||||||||||
Total increase (decrease) | (601 | ) | (27 | ) | (952 | ) | ||||||||||||
Assets under management, end of period | $ | 9,248 | $ | 9,849 | $ | 12,275 | (6.1 | %) | (24.7 | %) | ||||||||
Percentage of institutional assets under management | 33.4 | % | 34.8 | % | 41.4 | % | ||||||||||||
Average assets under management | $ | 9,426 | $ | 9,524 | $ | 12,625 | (1.0 | %) | (25.3 | %) | ||||||||
Subadvisory Excluding Japan | ||||||||||||||||||
Assets under management, beginning of period | $ | 6,318 | $ | 6,348 | $ | 6,356 | ||||||||||||
Inflows | 45 | 172 | 161 | |||||||||||||||
Outflows | (380 | ) | (432 | ) | (382 | ) | ||||||||||||
Net inflows (outflows) | (335 | ) | (260 | ) | (221 | ) | ||||||||||||
Market appreciation (depreciation) | 65 | 230 | 125 | |||||||||||||||
Total increase (decrease) | (270 | ) | (30 | ) | (96 | ) | ||||||||||||
Assets under management, end of period | $ | 6,048 | $ | 6,318 | $ | 6,260 | (4.3 | %) | (3.4 | %) | ||||||||
Percentage of institutional assets under management | 21.8 | % | 22.3 | % | 21.1 | % | ||||||||||||
Average assets under management | $ | 6,263 | $ | 6,329 | $ | 6,351 | (1.0 | %) | (1.4 | %) | ||||||||
Advisory | ||||||||||||||||||
Assets under management, beginning of period | $ | 12,149 | $ | 11,214 | $ | 9,874 | ||||||||||||
Inflows | 303 | 546 | 1,164 | |||||||||||||||
Outflows | (155 | ) | (96 | ) | (142 | ) | ||||||||||||
Net inflows (outflows) | 148 | 450 | 1,022 | |||||||||||||||
Market appreciation (depreciation) | 130 | 453 | 184 | |||||||||||||||
Transfers | — | 32 | 16 | |||||||||||||||
Total increase (decrease) | 278 | 935 | 1,222 | |||||||||||||||
Assets under management, end of period | $ | 12,427 | $ | 12,149 | $ | 11,096 | 2.3 | % | 12.0 | % | ||||||||
Percentage of institutional assets under management | 44.8 | % | 42.9 | % | 37.4 | % | ||||||||||||
Average assets under management | $ | 12,303 | $ | 11,559 | $ | 10,683 | 6.4 | % | 15.2 | % | ||||||||
Total Institutional Accounts | ||||||||||||||||||
Assets under management, beginning of period | $ | 28,316 | $ | 27,438 | $ | 29,457 | ||||||||||||
Inflows | 383 | 752 | 1,677 | |||||||||||||||
Outflows | (884 | ) | (714 | ) | (1,151 | ) | ||||||||||||
Net inflows (outflows) | (501 | ) | 38 | 526 | ||||||||||||||
Market appreciation (depreciation) | 341 | 1,374 | 363 | |||||||||||||||
Distributions | (433 | ) | (566 | ) | (731 | ) | ||||||||||||
Transfers | — | 32 | 16 | |||||||||||||||
Total increase (decrease) | $ | (593 | ) | $ | 878 | $ | 174 | |||||||||||
Assets under management, end of period | $ | 27,723 | $ | 28,316 | $ | 29,631 | (2.1 | %) | (6.4 | %) | ||||||||
Average assets under management | $ | 27,992 | $ | 27,412 | $ | 29,659 | 2.1 | % | (5.6 | %) | ||||||||
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Management - Institutional Accounts (Unaudited) | |||||||||||
By Account Type | |||||||||||
For the Periods | |||||||||||
(in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2018 | September 30, 2017 | % Change | |||||||||
Japan Subadvisory | |||||||||||
Assets under management, beginning of period | $ | 11,458 | $ | 13,699 | |||||||
Inflows | 138 | 1,345 | |||||||||
Outflows | (940 | ) | (985 | ) | |||||||
Net inflows (outflows) | (802 | ) | 360 | ||||||||
Market appreciation (depreciation) | 191 | 607 | |||||||||
Distributions | (1,599 | ) | (2,391 | ) | |||||||
Total increase (decrease) | (2,210 | ) | (1,424 | ) | |||||||
Assets under management, end of period | $ | 9,248 | $ | 12,275 | (24.7 | %) | |||||
Percentage of institutional assets under management | 33.4 | % | 41.4 | % | |||||||
Average assets under management | $ | 9,702 | $ | 13,131 | (26.1 | %) | |||||
Subadvisory Excluding Japan | |||||||||||
Assets under management, beginning of period | $ | 6,597 | $ | 5,892 | |||||||
Inflows | 498 | 514 | |||||||||
Outflows | (1,127 | ) | (701 | ) | |||||||
Net inflows (outflows) | (629 | ) | (187 | ) | |||||||
Market appreciation (depreciation) | 80 | 555 | |||||||||
Total increase (decrease) | (549 | ) | 368 | ||||||||
Assets under management, end of period | $ | 6,048 | $ | 6,260 | (3.4 | %) | |||||
Percentage of institutional assets under management | 21.8 | % | 21.1 | % | |||||||
Average assets under management | $ | 6,333 | $ | 6,224 | 1.8 | % | |||||
Advisory | |||||||||||
Assets under management, beginning of period | $ | 11,341 | $ | 9,068 | |||||||
Inflows | 1,242 | 1,693 | |||||||||
Outflows | (366 | ) | (582 | ) | |||||||
Net inflows (outflows) | 876 | 1,111 | |||||||||
Market appreciation (depreciation) | 178 | 725 | |||||||||
Transfers | 32 | 192 | |||||||||
Total increase (decrease) | 1,086 | 2,028 | |||||||||
Assets under management, end of period | $ | 12,427 | $ | 11,096 | 12.0 | % | |||||
Percentage of institutional assets under management | 44.8 | % | 37.4 | % | |||||||
Average assets under management | $ | 11,695 | $ | 9,947 | 17.6 | % | |||||
Total Institutional Accounts | |||||||||||
Assets under management, beginning of period | $ | 29,396 | $ | 28,659 | |||||||
Inflows | 1,878 | 3,552 | |||||||||
Outflows | (2,433 | ) | (2,268 | ) | |||||||
Net inflows (outflows) | (555 | ) | 1,284 | ||||||||
Market appreciation (depreciation) | 449 | 1,887 | |||||||||
Distributions | (1,599 | ) | (2,391 | ) | |||||||
Transfers | 32 | 192 | |||||||||
Total increase (decrease) | (1,673 | ) | 972 | ||||||||
Assets under management, end of period | $ | 27,723 | $ | 29,631 | (6.4 | %) | |||||
Average assets under management | $ | 27,730 | $ | 29,302 | (5.4 | %) | |||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Assets Under Management (Unaudited) | ||||||||||||||||||
By Investment Strategy | ||||||||||||||||||
For the Periods | ||||||||||||||||||
(in millions) | ||||||||||||||||||
Three Months Ended | % Change From | |||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | June 30, 2018 | September 30, 2017 | ||||||||||||||
U.S. Real Estate | ||||||||||||||||||
Assets under management, beginning of period | $ | 25,837 | $ | 24,705 | $ | 28,896 | ||||||||||||
Inflows | 1,008 | 1,031 | 1,491 | |||||||||||||||
Outflows | (1,024 | ) | (1,104 | ) | (1,403 | ) | ||||||||||||
Net inflows (outflows) | (16 | ) | (73 | ) | 88 | |||||||||||||
Market appreciation (depreciation) | 380 | 1,945 | 62 | |||||||||||||||
Distributions | (575 | ) | (740 | ) | (803 | ) | ||||||||||||
Transfers | (34 | ) | — | (10 | ) | |||||||||||||
Total increase (decrease) | (245 | ) | 1,132 | (663 | ) | |||||||||||||
Assets under management, end of period | $ | 25,592 | $ | 25,837 | $ | 28,233 | (0.9 | %) | (9.4 | %) | ||||||||
Percentage of total assets under management | 42.6 | % | 42.9 | % | 45.9 | % | ||||||||||||
Average assets under management | $ | 25,807 | $ | 24,726 | $ | 28,573 | 4.4 | % | (9.7 | %) | ||||||||
Preferred Securities | ||||||||||||||||||
Assets under management, beginning of period | $ | 12,932 | $ | 13,012 | $ | 11,749 | ||||||||||||
Inflows | 980 | 1,020 | 1,501 | |||||||||||||||
Outflows | (808 | ) | (939 | ) | (606 | ) | ||||||||||||
Net inflows (outflows) | 172 | 81 | 895 | |||||||||||||||
Market appreciation (depreciation) | 151 | (22 | ) | 198 | ||||||||||||||
Distributions | (142 | ) | (139 | ) | (133 | ) | ||||||||||||
Transfers | 34 | — | — | |||||||||||||||
Total increase (decrease) | 215 | (80 | ) | 960 | ||||||||||||||
Assets under management, end of period | $ | 13,147 | $ | 12,932 | $ | 12,709 | 1.7 | % | 3.4 | % | ||||||||
Percentage of total assets under management | 21.9 | % | 21.5 | % | 20.7 | % | ||||||||||||
Average assets under management | $ | 13,086 | $ | 12,984 | $ | 12,258 | 0.8 | % | 6.8 | % | ||||||||
Global/International Real Estate | ||||||||||||||||||
Assets under management, beginning of period | $ | 11,674 | $ | 10,965 | $ | 10,121 | ||||||||||||
Inflows | 199 | 668 | 351 | |||||||||||||||
Outflows | (298 | ) | (270 | ) | (215 | ) | ||||||||||||
Net inflows (outflows) | (99 | ) | 398 | 136 | ||||||||||||||
Market appreciation (depreciation) | 64 | 364 | 221 | |||||||||||||||
Distributions | (25 | ) | (53 | ) | (43 | ) | ||||||||||||
Transfers | — | — | 10 | |||||||||||||||
Total increase (decrease) | (60 | ) | 709 | 324 | ||||||||||||||
Assets under management, end of period | $ | 11,614 | $ | 11,674 | $ | 10,445 | (0.5 | %) | 11.2 | % | ||||||||
Percentage of total assets under management | 19.3 | % | 19.4 | % | 17.0 | % | ||||||||||||
Average assets under management | $ | 11,674 | $ | 11,177 | $ | 10,360 | 4.4 | % | 12.7 | % | ||||||||
Cohen & Steers, Inc. and Subsidiaries | ||||||||||||||||||
Assets Under Management (Unaudited) | ||||||||||||||||||
By Investment Strategy - continued | ||||||||||||||||||
For the Periods | ||||||||||||||||||
(in millions) | ||||||||||||||||||
Three Months Ended | % Change From | |||||||||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | June 30, 2018 | September 30, 2017 | ||||||||||||||
Global Listed Infrastructure | ||||||||||||||||||
Assets under management, beginning of period | $ | 6,909 | $ | 6,758 | $ | 6,394 | ||||||||||||
Inflows | 93 | 121 | 441 | |||||||||||||||
Outflows | (77 | ) | (137 | ) | (168 | ) | ||||||||||||
Net inflows (outflows) | 16 | (16 | ) | 273 | ||||||||||||||
Market appreciation (depreciation) | 105 | 222 | 146 | |||||||||||||||
Distributions | (48 | ) | (55 | ) | (42 | ) | ||||||||||||
Total increase (decrease) | 73 | 151 | 377 | |||||||||||||||
Assets under management, end of period | $ | 6,982 | $ | 6,909 | $ | 6,771 | 1.1 | % | 3.1 | % | ||||||||
Percentage of total assets under management | 11.6 | % | 11.5 | % | 11.0 | % | ||||||||||||
Average assets under management | $ | 7,023 | $ | 6,845 | $ | 6,758 | 2.6 | % | 3.9 | % | ||||||||
Other | ||||||||||||||||||
Assets under management, beginning of period | $ | 2,852 | $ | 3,022 | $ | 3,277 | ||||||||||||
Inflows | 103 | 43 | 190 | |||||||||||||||
Outflows | (252 | ) | (253 | ) | (187 | ) | ||||||||||||
Net inflows (outflows) | (149 | ) | (210 | ) | 3 | |||||||||||||
Market appreciation (depreciation) | 58 | 60 | 92 | |||||||||||||||
Distributions | (12 | ) | (20 | ) | (9 | ) | ||||||||||||
Total increase (decrease) | (103 | ) | (170 | ) | 86 | |||||||||||||
Assets under management, end of period | $ | 2,749 | $ | 2,852 | $ | 3,363 | (3.6 | %) | (18.3 | %) | ||||||||
Percentage of total assets under management | 4.6 | % | 4.7 | % | 5.5 | % | ||||||||||||
Average assets under management | $ | 2,824 | $ | 2,985 | $ | 3,297 | (5.4 | %) | (14.3 | %) | ||||||||
Total | ||||||||||||||||||
Assets under management, beginning of period | $ | 60,204 | $ | 58,462 | $ | 60,437 | ||||||||||||
Inflows | 2,383 | 2,883 | 3,974 | |||||||||||||||
Outflows | (2,459 | ) | (2,703 | ) | (2,579 | ) | ||||||||||||
Net inflows (outflows) | (76 | ) | 180 | 1,395 | ||||||||||||||
Market appreciation (depreciation) | 758 | 2,569 | 719 | |||||||||||||||
Distributions | (802 | ) | (1,007 | ) | (1,030 | ) | ||||||||||||
Total increase (decrease) | (120 | ) | 1,742 | 1,084 | ||||||||||||||
Assets under management, end of period | $ | 60,084 | $ | 60,204 | $ | 61,521 | (0.2 | %) | (2.3 | %) | ||||||||
Average assets under management | $ | 60,414 | $ | 58,717 | $ | 61,246 | 2.9 | % | (1.4 | %) | ||||||||
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Management (Unaudited) | |||||||||||
By Investment Strategy | |||||||||||
For the Periods | |||||||||||
(in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2018 | September 30, 2017 | % Change | |||||||||
U.S. Real Estate | |||||||||||
Assets under management, beginning of period | $ | 27,580 | $ | 28,927 | |||||||
Inflows | 3,362 | 4,537 | |||||||||
Outflows | (3,739 | ) | (3,692 | ) | |||||||
Net inflows (outflows) | (377 | ) | 845 | ||||||||
Market appreciation (depreciation) | 567 | 1,142 | |||||||||
Distributions | (1,985 | ) | (2,671 | ) | |||||||
Transfers | (193 | ) | (10 | ) | |||||||
Total increase (decrease) | (1,988 | ) | (694 | ) | |||||||
Assets under management, end of period | $ | 25,592 | $ | 28,233 | (9.4 | %) | |||||
Percentage of total assets under management | 42.6 | % | 45.9 | % | |||||||
Average assets under management | $ | 25,245 | $ | 28,803 | (12.4 | %) | |||||
Preferred Securities | |||||||||||
Assets under management, beginning of period | $ | 13,018 | $ | 9,880 | |||||||
Inflows | 3,200 | 4,030 | |||||||||
Outflows | (2,743 | ) | (1,827 | ) | |||||||
Net inflows (outflows) | 457 | 2,203 | |||||||||
Market appreciation (depreciation) | (98 | ) | 1,007 | ||||||||
Distributions | (423 | ) | (381 | ) | |||||||
Transfers | 193 | — | |||||||||
Total increase (decrease) | 129 | 2,829 | |||||||||
Assets under management, end of period | $ | 13,147 | $ | 12,709 | 3.4 | % | |||||
Percentage of total assets under management | 21.9 | % | 20.7 | % | |||||||
Average assets under management | $ | 13,013 | $ | 11,210 | 16.1 | % | |||||
Global/International Real Estate | |||||||||||
Assets under management, beginning of period | $ | 11,108 | $ | 9,403 | |||||||
Inflows | 1,331 | 965 | |||||||||
Outflows | (855 | ) | (756 | ) | |||||||
Net inflows (outflows) | 476 | 209 | |||||||||
Market appreciation (depreciation) | 171 | 971 | |||||||||
Distributions | (141 | ) | (148 | ) | |||||||
Transfers | — | 10 | |||||||||
Total increase (decrease) | 506 | 1,042 | |||||||||
Assets under management, end of period | $ | 11,614 | $ | 10,445 | 11.2 | % | |||||
Percentage of total assets under management | 19.3 | % | 17.0 | % | |||||||
Average assets under management | $ | 11,251 | $ | 10,099 | 11.4 | % | |||||
Cohen & Steers, Inc. and Subsidiaries | |||||||||||
Assets Under Management (Unaudited) | |||||||||||
By Investment Strategy - continued | |||||||||||
For the Periods | |||||||||||
(in millions) | |||||||||||
Nine Months Ended | |||||||||||
September 30, 2018 | September 30, 2017 | % Change | |||||||||
Global Listed Infrastructure | |||||||||||
Assets under management, beginning of period | $ | 6,932 | $ | 5,697 | |||||||
Inflows | 465 | 719 | |||||||||
Outflows | (287 | ) | (297 | ) | |||||||
Net inflows (outflows) | 178 | 422 | |||||||||
Market appreciation (depreciation) | 20 | 781 | |||||||||
Distributions | (148 | ) | (129 | ) | |||||||
Total increase (decrease) | 50 | 1,074 | |||||||||
Assets under management, end of period | $ | 6,982 | $ | 6,771 | 3.1 | % | |||||
Percentage of total assets under management | 11.6 | % | 11.0 | % | |||||||
Average assets under management | $ | 6,911 | $ | 6,347 | 8.9 | % | |||||
Other | |||||||||||
Assets under management, beginning of period | $ | 3,468 | $ | 3,291 | |||||||
Inflows | 186 | 349 | |||||||||
Outflows | (911 | ) | (398 | ) | |||||||
Net inflows (outflows) | (725 | ) | (49 | ) | |||||||
Market appreciation (depreciation) | 52 | 162 | |||||||||
Distributions | (46 | ) | (41 | ) | |||||||
Total increase (decrease) | (719 | ) | 72 | ||||||||
Assets under management, end of period | $ | 2,749 | $ | 3,363 | (18.3 | %) | |||||
Percentage of total assets under management | 4.6 | % | 5.5 | % | |||||||
Average assets under management | $ | 3,019 | $ | 3,283 | (8.0 | %) | |||||
Total | |||||||||||
Assets under management, beginning of period | $ | 62,106 | $ | 57,198 | |||||||
Inflows | 8,544 | 10,600 | |||||||||
Outflows | (8,535 | ) | (6,970 | ) | |||||||
Net inflows (outflows) | 9 | 3,630 | |||||||||
Market appreciation (depreciation) | 712 | 4,063 | |||||||||
Distributions | (2,743 | ) | (3,370 | ) | |||||||
Total increase (decrease) | (2,022 | ) | 4,323 | ||||||||
Assets under management, end of period | $ | 60,084 | $ | 61,521 | (2.3 | %) | |||||
Average assets under management | $ | 59,439 | $ | 59,742 | (0.5 | %) | |||||
Reconciliation of U.S. GAAP Net Income Attributable to Common Stockholders and U.S. GAAP Earnings per Share to Net Income Attributable to Common Stockholders, As Adjusted, and Earnings per Share, As Adjusted | ||||||||||||
For the Periods | ||||||||||||
(in thousands, except per share data) | Three Months Ended | |||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||
Net income attributable to common stockholders, U.S. GAAP | $ | 30,790 | $ | 29,959 | $ | 25,082 | ||||||
Deconsolidation (1) | (63 | ) | 485 | (558 | ) | |||||||
Results from seed investments (2) | (551 | ) | (2,154 | ) | (521 | ) | ||||||
Accelerated vesting of restricted stock units (3) | — | — | 298 | |||||||||
General and administrative (4) | — | — | (950 | ) | ||||||||
Foreign currency exchange gain (5) | (217 | ) | (953 | ) | — | |||||||
Tax adjustments (6) | 313 | 528 | 2,300 | |||||||||
Net income attributable to common stockholders, as adjusted | $ | 30,272 | $ | 27,865 | $ | 25,651 | ||||||
Diluted weighted average shares outstanding | 47,524 | 47,311 | 47,047 | |||||||||
Diluted earnings per share, U.S. GAAP | $ | 0.65 | $ | 0.63 | $ | 0.53 | ||||||
Deconsolidation (1) | — | * | 0.01 | (0.01 | ) | |||||||
Results from seed investments (2) | (0.01 | ) | (0.04 | ) | (0.01 | ) | ||||||
Accelerated vesting of restricted stock units (3) | — | — | 0.01 | |||||||||
General and administrative (4) | — | — | (0.02 | ) | ||||||||
Foreign currency exchange gain (5) | (0.01 | ) | (0.02 | ) | — | |||||||
Tax adjustments (6) | 0.01 | 0.01 | 0.05 | |||||||||
Diluted earnings per share, as adjusted | $ | 0.64 | $ | 0.59 | $ | 0.55 | ||||||
_________________________ * Amounts round to less than $0.01 per share. (1) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds. (2) Represents (i) dividend income and realized (gains) losses on seed investments in Company-sponsored funds, (ii) the Company's proportionate share of the results of operations of seed investments classified as equity method investments, including realized and unrealized (gains) losses, and (iii) realized and unrealized (gains) losses on unconsolidated seed investments. (3) Represents amounts related to the accelerated vesting of certain restricted stock units due to retirements. (4) Represents refund of foreign withholding taxes. (5) Represents net foreign currency exchange gains associated with U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries. (6) Tax adjustments are summarized in the following table: | ||||||||||||
(in thousands) | Three Months Ended | |||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||
Transition tax liability in connection with the Tax Cuts and Jobs Act | $ | — | $ | (123 | ) | $ | — | |||||
Tax reserves | — | — | 1,665 | |||||||||
Other tax-related items | — | 56 | (5 | ) | ||||||||
Tax-effect of non-GAAP adjustments | 313 | 595 | 640 | |||||||||
Total tax adjustments | $ | 313 | $ | 528 | $ | 2,300 | ||||||
Reconciliation of U.S. GAAP Operating Income and U.S. GAAP Operating Margin to Operating Income, As Adjusted, and Operating Margin, As Adjusted | ||||||||||||
For the Periods | ||||||||||||
(in thousands, except percentages) | Three Months Ended | |||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||
Revenue, U.S. GAAP (1) | $ | 98,331 | $ | 94,410 | $ | 96,787 | ||||||
Deconsolidation (2) | (180 | ) | (194 | ) | (101 | ) | ||||||
Revenue, as adjusted | $ | 98,151 | $ | 94,216 | $ | 96,686 | ||||||
Expenses, U.S. GAAP (1) | $ | 59,108 | $ | 58,123 | $ | 55,814 | ||||||
Deconsolidation (2) | (373 | ) | (347 | ) | (222 | ) | ||||||
Accelerated vesting of restricted stock units (3) | — | — | (298 | ) | ||||||||
General and administrative (4) | — | — | 950 | |||||||||
Expenses, as adjusted | $ | 58,735 | $ | 57,776 | $ | 56,244 | ||||||
Operating income, U.S. GAAP | $ | 39,223 | $ | 36,287 | $ | 40,973 | ||||||
Deconsolidation (2) | 193 | 153 | 121 | |||||||||
Accelerated vesting of restricted stock units (3) | — | — | 298 | |||||||||
General and administrative (4) | — | — | (950 | ) | ||||||||
Operating income, as adjusted | $ | 39,416 | $ | 36,440 | $ | 40,442 | ||||||
Operating margin, U.S. GAAP | 39.9 | % | 38.4 | % | 42.3 | % | ||||||
Operating margin, as adjusted | 40.2 | % | 38.7 | % | 41.8 | % | ||||||
_________________________ (1) The presentation for the third quarter of 2017 has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, 2018. (2) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds. (3) Represents amounts related to the accelerated vesting of certain restricted stock units due to retirements. (4) Represents refund of foreign withholding taxes. |
Reconciliation of U.S. GAAP Non-operating Income (Loss) to Non-operating Income (Loss), As Adjusted | ||||||||||||
For the Periods | ||||||||||||
(in thousands) | Three Months Ended | |||||||||||
September 30, 2018 | June 30, 2018 | September 30, 2017 | ||||||||||
Non-operating income (loss), U.S. GAAP | $ | 1,047 | $ | (778 | ) | $ | 2,327 | |||||
Deconsolidation (1) | 803 | 4,722 | (1,335 | ) | ||||||||
Results from seed investments (2) | (551 | ) | (2,154 | ) | (521 | ) | ||||||
Foreign currency exchange gain (3) | (217 | ) | (953 | ) | — | |||||||
Non-operating income (loss), as adjusted | $ | 1,082 | $ | 837 | $ | 471 | ||||||
_________________________ (1) Represents amounts related to the deconsolidation of seed investments in Company-sponsored funds. (2) Represents (i) dividend income and realized (gains) losses on seed investments in Company-sponsored funds, (ii) the Company's proportionate share of the results of operations of seed investments classified as equity method investments, including realized and unrealized (gains) losses, and (iii) realized and unrealized (gains) losses on unconsolidated seed investments. (3) Represents net foreign currency exchange gains associated with U.S. dollar-denominated assets and liabilities held by certain foreign subsidiaries. |
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