CNS AR22 Digital - Flipbook - Page 14
Financial highlights
In 2022, Cohen & Steers’ revenues and AUM reflected volatile global markets
and the biggest market regime shift in the firm’s history. We continued to
achieve investment outperformance and we anticipate growing investor interest
in our asset classes.
Earnings
AUM
• Revenues were $566.9 million in 2022,
a 2.9% decrease from 2021
• AUM at year-end was $80.4 billion, a decrease
of $26.2 billion from 2021
• Net income attributable to common
stockholders was $3.47 per diluted share
($3.70 as adjusted(1)), compared with $4.31
($4.03 as adjusted(1)) in 2021
• AUM decline attributable to net outflows of
$1.6 billion, market depreciation of $20.9 billion
and distributions of $3.6 billion(2)
• Operating margin decreased to 38.1%
(43.0% as adjusted(1)), from 44.6% (46.0%
as adjusted(1)) in 2021
Dividend payments
• Organic AUM decay was (1.5%), compared with
organic growth of 11.8% in 2021
• Average AUM was $91.6 billion, compared with
$94.2 billion in 2021
Balance sheet
Paid regular quarterly dividends of $0.55 per
share in 2022, an increase of 22.2% from $0.45
per share in 2021
$316.1 million in cash, cash equivalents and liquid
seed investments, compared with $248.2 million at
the end of 2021
Key strategy highlights
$ millions
U.S.
real estate
Preferred
securities
Global/international
real estate
Global listed
infrastructure
($297)
($3,153)
$559
$454
Market appreciation
(depreciation)
($12,097)
($3,240)
($5,039)
($405)
Distributions
($2,406)
($834)
($118)
($216)
Change in AUM
–29.7%
–26.8%
–23.7%
–1.9%
Net inflows (outflows)
(1) The term “as adjusted” is used to identify non-GAAP financial information. See pages 33 to 35 of the Form 10-K, “Reconciliations of U.S. GAAP to As Adjusted Financial Results,” for reconciliations to the most directly
comparable U.S. GAAP financial measures.
(2) AUM decline may not sum to total firm assets due to rounding.
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COHEN & STEERS | 2022 ANNUAL REPORT