Cohen & Steers, Inc. (NYSE:CNS) Q2 2023 Earnings Conference Call July 20, 2023 10:00 AM ET

Company Participants

Brian Heller – Senior Vice President and Corporate Counsel

Matt Stadler – Chief Financial Officer

Jon Cheigh – Chief Investment Officer

Joe Harvey – Chief Executive Officer

Conference Call Participants

John Dunn – Evercore ISI

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Cohen & Steers' Second Quarter 2023 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference call is being recorded, Thursday, July 20, 2023.

I would now like to turn the conference over to Brian Heller, Senior Vice President and Corporate Counsel of Cohen & Steers. Please go ahead.

Brian Heller

Thank you and welcome to the Cohen & Steers second quarter 2023 earnings conference call. Joining me are our Chief Executive Officer, Joe Harvey; our Chief Financial Officer, Matt Stadler; and our Chief Investment Officer, Jon Cheigh. I want to remind you that some of our comments and answers to your questions may include forward-looking statements.

We believe these statements are reasonable based on information currently available to us, but actual outcomes could differ materially due to a number of factors, including those described in our accompanying second quarter earnings release and presentation, our most recent annual report on Form 10-K, and our other SEC filings. We assume no duty to update any forward-looking statements. Further, none of our statements constitute an offer to sell or the solicitation of an offer to buy the securities of any fund or other investment vehicle.

Our presentation also contains non-GAAP financial measures referred to as, as adjusted financial measures that we believe are meaningful in evaluating our performance. These non-GAAP financial measures should be read in conjunction with our GAAP results. A reconciliation of these non-GAAP financial measures is included in the earnings release and presentation to the extent reasonably available. The earnings release and presentation, as well as links to our SEC filings are available in the Investor Relations section of our website at www.cohenandsteers.com.

With that, I'll turn the call over to Matt.

Matt Stadler

Thank you, Brian. Good morning everyone. Thanks for joining us. As on previous calls, my remarks this morning will focus on our as adjusted results. A reconciliation of GAAP to as adjusted results can be found on Pages 18 and 19 of the earnings release and on Slides 16 through 20 of the earnings presentation. Yesterday, we reported earnings of $0.70 per share compared with $0.96 in the prior year's quarter and $0.76 sequentially. Revenue was $120.3 million for the quarter compared with $147.7 million in the prior year's quarter and $126.3 million sequentially. The decrease in revenue from the first quarter was primarily due to lower average assets under management across all three types of investment vehicles partially offset by one additional day in the quarter.