Cohen & Steers: Q Earnings Presentation
|
|
- Gervase Parsons
- 5 years ago
- Views:
Transcription
1 Cohen & Steers: Q Earnings Presentation
2 Summary of First Quarter Assets Under Management March 31, 2018 AUM was $58.5 billion versus $62.1 billion at December 31, Average AUM was $59.2 billion for Q versus $62.0 billion for Q4 Net outflows of $95 million in Q versus net inflows of $227 million in Q4 Flows Net outflows in subadvisory ex. Japan, open-end funds, and Japan subadvisory Net inflows in advisory Net income was $29.0 million in Q versus $26.1 million in Q4 Financial Results, as adjusted Diluted EPS of $0.62 in Q versus $0.55 in Q4 Operating margin was 40.6% in Q versus 41.5% in Q4 First quarter 2018 results reflected the lower U.S. federal statutory tax rate of 21% Capital Management Declared a quarterly dividend per share of $0.33, an 18% increase from the prior quarter 2 The presentation of prior period amounts has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, Please see pages of this presentation for a reconciliation of the as adjusted financial measures to their most directly comparable U.S. GAAP financial measures.
3 Financial Results, as adjusted $ in millions, except earnings per share and percentages Revenue $89.7 $92.6 $96.7 $99.3 $94.4 Expenses $54.2 $55.2 $56.2 $58.1 $56.1 Diluted Earnings per Share $0.47 $0.50 $0.55 $0.55 $ Operating Margin 39.6% 40.4% 41.8% 41.5% 40.6% The presentation of prior period amounts has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, Please see pages of this presentation for a reconciliation of the as adjusted financial measures to their most directly comparable U.S. GAAP financial measures.
4 Revenue, as adjusted $ in millions Open-end Fund Fees $2.7 $7.4 $18.9 Institutional Fees $2.8 $7.7 $19.5 Closed-end Fund Fees $89.7 $92.6 $96.7 $2.7 $7.8 $19.9 Distribution & Service Fees $2.9 $7.9 $20.4 Portfolio Consulting and Other $99.3 $94.4 $2.6 $7.4 $19.2 $24.2 $24.4 $25.6 $26.0 $25.2 $36.5 $38.2 $40.7 $42.1 $ The presentation of prior period amounts has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, Please see pages of this presentation for a reconciliation of the as adjusted financial measures to their most directly comparable U.S. GAAP financial measures. Total may not foot due to rounding.
5 Expenses, as adjusted $ in millions Employee Compensation and Benefits General and Administrative $54.2 $55.2 $56.2 Distribution and Service Fees Depreciation and Amortization $58.1 $56.1 $1.1 $1.0 $1.1 $1.1 $1.1 $10.5 $10.2 $10.6 $11.2 $11.1 $13.2 $13.6 $13.0 $13.6 $12.8 $29.4 $30.4 $31.6 $32.2 $ The presentation of prior period amounts has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, Please see pages of this presentation for a reconciliation of the as adjusted financial measures to their most directly comparable U.S. GAAP financial measures. Total may not foot due to rounding.
6 Assets Under Management $ in billions Ending AUM Avg. AUM $58.3 $59.7 $61.2 $62.0 $59.2 $58.5 $60.4 $61.5 $62.1 $58.5 6
7 Assets Under Management Across Vehicle, Strategy, and Client Domicile Subadvisory ex. Japan 10.8% Closed-end Fund 15.2% Japan Subadvisory 16.9% Advisory 19.2% Other 5.1% Global Listed Infrastructure 11.6% Global/International Real Estate 18.7% Preferred Securities 22.3% APAC ex. Japan 4.9% Europe 5.1% Japan 17.4% North America 72.6% Open-end Fund 37.9% U.S. Real Estate 42.3% By Vehicle By Strategy By Client Domicile 7 As of March 31, 2018.
8 Total Firm Net Flows $ in billions Inflows Outflows Net Flows Organic Growth/ (Decay) 6.3% 9.1% 9.2% 1.5% (0.6%) $3.2 $0.9 $4.0 $3.5 $1.3 $1.4 $3.1 $3.3 ($0.1) ($2.3) ($2.1) ($2.6) ($2.8) ($3.4) 8 Totals may not foot due to rounding.
9 Net Flows by Investment Vehicle $ in billions Organic Growth/ (Decay) Open-end Funds 12.2% 17.5% 16.0% 14.4% (0.1%) Inflows Outflows Net Flows $2.3 $2.4 $2.3 $2.7 $2.5 $0.6 $0.9 $0.9 $0.8 ($0.0) ($1.7) ($1.5) ($1.4) ($1.8) ($2.5) Advisory Organic Growth/ (Decay) (1.5%) 5.2% 41.1% (5.6%) 10.0% $1.2 $1.0 $0.4 $0.3 $0.3 $0.1 $0.1 ($0.0) () ($0.1) ($0.3) () ($0.1) ($0.3) 9 Totals may not foot due to rounding.
10 Net Flows by Investment Vehicle $ in billions Organic Growth/ (Decay) Subadvisory ex. Japan 2.9% (0.5%) (13.8%) 4.0% (2.1%) Inflows Outflows Net Flows $0.0 ($0.0) ($0.1) () $0.1 () $0.3 ($0.0) () ($0.4) ($0.3) Organic Growth/ (Decay) Japan Subadvisory 9.0% 9.9% (8.2%) (16.0%) (11.9%) $0.4 $0.6 $0.3 $0.3 ($0.1) ($0.3) $0.4 ($0.3) ($0.6) $0.1 $0.1 ($0.3) ($0.5) ($0.4) ($0.6) 10 Totals may not foot due to rounding.
11 Net Flows by Investment Strategy $ in billions Organic Growth/ (Decay) U.S. Real Estate 4.0% 6.6% 1.2% (5.4%) (4.2%) Inflows Outflows Net Flows $1.6 $1.4 $1.5 $0.5 $0.3 $0.1 ($1.2) ($1.1) ($1.4) $1.2 $1.3 ($0.4) ($0.3) ($1.5) ($1.6) Organic Growth/ (Decay) Preferred Securities 17.0% 34.0% 30.2% 10.3% 6.3% $1.1 $0.4 $1.4 $1.5 $0.9 $0.9 $1.1 $1.2 $0.3 ($0.7) ($0.5) ($0.6) ($0.8) ($1.0) 11 Totals may not foot due to rounding.
12 Net Flows by Investment Strategy $ in billions Organic Growth/ (Decay) Global/International Real Estate 8.2% (4.8%) 5.3% 9.1% 6.5% $0.4 $0.4 $0.1 $0.6 $0.5 Inflows Outflows Net Flows () ($0.1) ($0.3) () ($0.3) ($0.3) Organic Growth/ (Decay) Global Listed Infrastructure 8.2% 2.2% 16.9% 4.3% 10.4% $0.1 ($0.0) $0.1 $0.0 ($0.1) $0.4 $0.3 () $0.3 $0.1 ($0.1) ($0.1) 12 Totals may not foot due to rounding.
13 Distributions by Investment Vehicle $ in billions Open-end Funds Japan Subadvisory () ($0.3) () ($0.6) () ($0.8) ($0.8) ($0.7) ($0.6) ($0.6) Closed-end Funds Total ($0.1) ($0.1) ($0.1) ($0.1) ($0.1) ($1.1) ($1.2) ($1.0) ($1.3) ($0.9) 13
14 10-Year 5-Year 3-Year 1-Year Investment Performance % of Total AUM in Outperforming Strategies 1 % of U.S. Open-End Fund AUM by Morningstar Rating 2 As of 3/31/ % 67% 96% Not Rated 1 or 2 Star 3 Star 4 or 5 Star 3/31/2016 3/31/ 3/31/ % 96% 93% 5% 1% 8% 3/31/2016 3/31/ 3/31/ % 77% 99% 3/31/2016 3/31/ 3/31/ % 100% 94% 100% 3/31/2016 3/31/ 3/31/ 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 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 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 as of March 31, 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. See Legal Disclosures on page 18 of this presentation for more information about our investment performance. 14
15 Cash, Cash Equivalents and Seed Investments $ in millions Non-U.S. Cash U.S. Cash Seed Investments 1 $215.3 $241.6 $260.9 $256.9 $231.6 $62.1 $63.4 $58.6 $63.2 $63.0 $68.5 $100.9 $117.3 $109.1 $85.1 $88.2 $77.6 $81.6 $84.4 $ March 31, June 30, September 30, December 31, March 31, Excludes certain illiquid seed investments. Totals may not foot due to rounding.
16 Non-GAAP Reconciliation $ in thousands, except per share data 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 * 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 from individual investment securities held for purposes of establishing a performance track record. (3) Represents amounts related to the accelerated vesting of certain restricted stock units due to retirements. (4) Represents expenses for the first quarter of 2018 associated with the evaluation of a potential business transaction that the Company did not pursue and the refund of foreign withholding taxes for the first and third quarter of. (5) Tax adjustments are summarized in the following table: Three Months Ended 16 March 31, June 30, Three Months Ended September 30, December 31, March 31, 2018 Net income attributable to common stockholders, U.S. GAAP $22,985 $23,474 $25,082 $20,398 $27,586 Deconsolidation (1) (312) (264) (558) (1,216) 481 Results from seed investments (2) (68) (64) (521) (471) 1,774 Accelerated vesting of restricted stock units (3) General and administrative (4) (68) (950) 871 Tax adjustments (5) (621) 269 2,300 7,120 (1,703) Net income attributable to common stockholders, as adjusted $21,916 $23,415 $25,651 $26,055 $29,009 Diluted weighted average shares outstanding 46,603 46,902 47,047 47,300 47,152 Diluted earnings per share, U.S. GAAP $0.49 $0.50 $0.53 $0.43 $0.59 Deconsolidation (1) (0.01) (0.01) (0.01) (0.03) 0.01 Results from seed investments (2) * * (0.01) (0.01) 0.04 Accelerated vesting of restricted stock units (3) General and administrative (4) * (0.02) 0.02 Tax adjustments (5) (0.01) (0.04) Diluted earnings per share, as adjusted $0.47 $0.50 $0.55 $0.55 $0.62 March 31, June 30, September 30, December 31, March 31, 2018 Transition tax $ $ $ $8,432 $ Remeasurement of deferred and other tax balances 4,300 Tax reserves (700) 1,665 (4,737) Other tax related items 78 (25) (5) (826) (1,003) Tax-effect of non-gaap adjustments (49) (700) Total tax adjustments ($621) $269 $2,300 $7,120 ($1,703) *Totals may not foot due to rounding.
17 Non-GAAP Reconciliation $ in thousands, except percentages Reconciliation of U.S. GAAP Operating Income and U.S. GAAP Operating Margin to Operating Income, As Adjusted and Operating Margin, As Adjusted Three Months Ended March 31, June 30, September 30, December 31, March 31, 2018 Revenue, U.S. GAAP (1) $89,741 $92,714 $96,787 $99,454 $94,464 Deconsolidation (2) (66) (88) (101) (148) (51) Revenue, as adjusted $89,675 $92,626 $96,686 $99,306 $94,413 Expenses, U.S. GAAP (1) $54,213 $55,357 $55,814 $58,566 $57,245 Deconsolidation (2) (121) (172) (222) (274) (251) Accelerated vesting of restricted stock units (3) (298) (224) General and administrative (4) (871) Expenses, as adjusted $54,160 $55,185 $56,244 $58,068 $56,123 Operating income, U.S. GAAP $35,528 $37,357 $40,973 $40,888 $37,219 Deconsolidation (2) Accelerated vesting of restricted stock units (3) General and administrative (4) (68) (950) 871 Operating income, as adjusted $35,515 $37,441 $40,442 $41,238 $38,290 Operating margin, U.S. GAAP 39.6% 40.3% 42.3% 41.1% 39.4% Operating margin, as adjusted 39.6% 40.4% 41.8% 41.5% 40.6% (1) The presentation of prior period amounts has been recast to reflect the Company's adoption of the new revenue recognition accounting standard on January 1, (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 expenses for the first quarter of 2018 associated with the evaluation of a potential business transaction that the Company did not pursue and the refund of foreign withholding taxes for the first and third quarter of. Reconciliation of U.S. GAAP Non-operating Income (Loss) to Non-operating Income (Loss), As Adjusted Three Months Ended March 31, June 30, September 30, December 31, March 31, 2018 Non-operating income (loss), U.S. GAAP $227 $261 $2,327 $2,839 ($199) Deconsolidation (1) (326) 128 (1,335) (1,750) (1,057) Results from seed investments (2) (68) (64) (521) (471) 1,774 Non-operating income (loss), as adjusted ($167) $325 $471 $618 $518 (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 from individual investment securities held for purposes of establishing a performance track record. 17
18 Legal Disclosures This presentation and other statements that Cohen & Steers may make may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect management's current views with respect to, among other things, the Company's operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates" or the negative versions of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these forward-looking statements. The Company believes that these factors include, but are not limited to, the risks described in the Risk Factors section of the Company's Annual Report on Form 10- K for the year ended December 31, (Form 10-K), which is accessible on the Securities and Exchange Commission's website at and on the Company's website at These factors are not exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company's Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation contains non-gaap financial measures that we believe are meaningful in evaluating the Company s performance. For disclosures on these non-gaap financial measures and their U.S. GAAP reconciliations, you should refer to the Non-GAAP Reconciliation contained on pages of this presentation. Investment Performance: 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. Copyright 2018 Cohen & Steers, Inc. All rights reserved. 18
Cohen & Steers: Q Earnings Presentation
Cohen & Steers: Q2 2018 Earnings Presentation Summary of Second Quarter Assets Under Management June 30, 2018 AUM was $60.2 billion versus $58.5 billion at March 31, 2018 Average AUM was $58.7 billion
More informationBankUnited, Inc. January 2019
BankUnited, Inc. January 2019 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the
More informationBlackstone s 3Q 18 Supplemental Financial Data
Blackstone s 3Q 18 Supplemental Financial Data January 25, 2019 (Updated) Notes Effective as of and for the three months ended December 31, 2018, Blackstone senior management determined that segment Distributable
More informationRevised on January 27, 2017, to reflect revision to net flows sourced from the firm s target-date portfolios (page 2)
Revised on January 27, 2017, to reflect revision to net flows sourced from the firm s target-date portfolios (page 2) NEWS RELEASE T. ROWE PRICE GROUP REPORTS FOURTH QUARTER AND ANNUAL 2016 RESULTS Assets
More informationJANUS CAPITAL GROUP INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS
JANUS CAPITAL GROUP INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS January 22, 2015 DENVER Janus Capital Group Inc. ( JCG ) (NYSE: JNS) today reported fourth quarter net income of $46.7 million,
More informationInvesco third quarter 2014 results
Invesco third quarter 2014 results Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial Officer October 30, 2014 Forward-looking statements This presentation, and comments
More informationJANUS ANNOUNCES THIRD QUARTER 2008 RESULTS
October 23, 2008 JANUS ANNOUNCES THIRD QUARTER 2008 RESULTS ----------------------------------------------------- Third quarter earnings from continuing operations of $0.16 per diluted share, including
More informationContact: Paul Audet
Contact: Paul Audet 212-409-3555 invrel@blackrock.com BlackRock, Inc. Reports 56% Increase in Net Income for the First Quarter to $55.2 Million, Diluted Earnings per Share of $0.84 and Assets Under Management
More informationWells Fargo High Yield Bond Fund
All information is as of 9-30-17 unless otherwise indicated. General fund information Ticker: EKHIX Portfolio manager: Margaret D. Patel Subadvisor: Wells Capital Management Inc. Category: High-yield bond
More informationLegg Mason, Inc. Second Quarter FY 2010 Review October 22, 2009
Legg Mason, Inc. Second Quarter FY 2010 Review October 22, 2009 Mark R. Fetting Chairman & CEO Charles J. ( CJ ) Daley, Jr. Chief Financial Officer Batterymarch Brandywine Global ClearBridge Advisors Legg
More informationWells Fargo Short-Term High Yield Bond Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: STYIX Portfolio manager: Thomas Price, CFA; Kevin Maas, CFA; Michael Schueller, CFA Subadvisor: Wells Capital
More informationT. ROWE PRICE GROUP REPORTS FIRST QUARTER 2017 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2017 RESULTS Assets Under Management Increase to $861.6 Billion BALTIMORE (April 25, 2017) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationT. ROWE PRICE GROUP REPORTS THIRD QUARTER 2017 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS THIRD QUARTER 2017 RESULTS Assets Under Management Increase to $947.9 Billion BALTIMORE (October 26, 2017) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationT. ROWE PRICE GROUP REPORTS FIRST QUARTER 2016 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2016 RESULTS Assets Under Management Increased to $764.6 billion BALTIMORE (April 26, 2016) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationFAIR ISAAC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 31, September 30, 2016 2015 ASSETS: Current assets: Cash and cash equivalents $ 85,374 $ 86,120 Accounts receivable, net 155,207 158,773 Prepaid
More informationFAIR ISAAC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30, September 30, 2016 2015 ASSETS: Current assets: Cash and cash equivalents $ 118,155 $ 86,120 Accounts receivable, net 155,196 158,773 Prepaid
More informationWisdomTree. Q4/15 and 2015 Results
WisdomTree Q4/15 and 2015 Results February 5, 2016 Forward looking statement This presentation contains forward-looking statements that are based on our management s belief and assumptions and on information
More informationJABIL CIRCUIT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
CONDENSED CONSOLIDATED BALANCE SHEETS February 28, 2015 August 31, 2014 ASSETS Current assets: Cash and cash equivalents $ 966,414 $ 1,000,249 Accounts receivable, net 1,269,171 1,208,516 Inventories 2,105,183
More informationDigital River, Inc. Second Quarter Results (Unaudited, in thousands) Subject to reclassification
(Unaudited, in thousands) Condensed Consolidated Balance Sheets As of December 31, 2008 2007 Assets: Current assets Cash and cash equivalents $ 276,927 $ 381,788 Short-term investments 201,297 315,636
More informationWisdomTree. Q3/14 Results
WisdomTree Q3/14 Results October 31, 2014 Forward Looking Statement This presentation contains forward-looking statements that are based on our management s belief and assumptions and on information currently
More informationJMP Group Reports Third Quarter 2007 Financial Results
JMP Group Reports Third Quarter 2007 Financial Results SAN FRANCISCO, Nov 07, 2007 (BUSINESS WIRE) -- JMP Group Inc. (NYSE:JMP), a growth-oriented investment banking and asset management firm, today reported
More informationNuance Mid Cap Value Fund (NMVLX)
Value Fund (NMVLX) Third Quarter Investment Objective The Value Fund seeks long term capital appreciation. The performance focus is on absolute return and Sharpe vs the Russell Midcap Value, primary benchmark,
More informationFAIR ISAAC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) June 30, September 30, 2018 2017 ASSETS: Current assets: Cash and cash equivalents $ 119,929 $ 105,618 Accounts receivable, net 182,419 168,586 Prepaid
More informationFAIR ISAAC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) 2018 2017 ASSETS: Current assets: Cash and cash equivalents $ 90,023 $ 105,618 Accounts receivable, net 208,865 168,586 Prepaid expenses and other current
More informationDigital River, Inc. Fourth Quarter Results (In thousands, except share data) Subject to reclassification
(In thousands, except share data) Consolidated Balance Sheets (Unaudited) 2012 2011 Assets Current assets Cash and cash equivalents $ 542,851 $ 497,193 Short-term investments 162,794 223,349 Accounts receivable,
More informationFOR IMMEDIATE RELEASE Investor Relations: Media: Alan Magleby Mary Athridge 410-454-5246 212-805-6035 amagleby@leggmason.com mkathridge@leggmason.com LEGG MASON REPORTS FIRST FISCAL QUARTER RESULTS --
More informationCOWEN GROUP, INC. ANNOUNCES FIRST QUARTER 2017 FINANCIAL RESULTS
COWEN GROUP, INC. ANNOUNCES FIRST QUARTER 2017 FINANCIAL RESULTS Press Release New York, April 27, 2017 - Cowen Group, Inc. (NASDAQ: COWN) ( Cowen or the Company ) today announced its operating results
More informationON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data)
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data) Revenue $ 1,503.1 $ 1,541.7 $ 1,377.5 $ 5,878.3 $ 5,543.1 Cost of revenue (exclusive of amortization shown below) 933.4
More informationBlackstone Reports Record Full Year Revenue, Assets Under Management, and Public Company Earnings
Blackstone Reports Record Full Year Revenue, Assets Under Management, and Public Company Earnings New York, January 31, 2013: Blackstone (NYSE: BX) today reported its full year and fourth quarter 2012
More informationThe Hartford Financial Services Group, Inc. February 4, 2019
The Hartford Financial Services Group, Inc. February 4, 2019 The Hartford Announces Fourth Quarter And Full Year 2018 Financial Results And $1.0 Billion Share Repurchase Authorization; Also Provides 2019
More informationJABIL CIRCUIT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) 2011 2010 ASSETS Current assets: Cash and cash equivalents $ 888,611 $ 744,329 Trade accounts receivable, net 1,100,926 1,408,319 Inventories 2,227,339
More informationGAMCO Investors, Inc. Reports Second Quarter 2017 Results
One Corporate Center Rye, NY 10580-1422 t 914.921.3700 GABELLI.COM For Immediate Release: Contact:Kieran Caterina or Diane M. LaPointe SVPs and Co-Chief Accounting Officers (914) 921-5149 or 7763 GAMCO
More informationWisdomTree Announces Second Quarter 2016 Results
July 29, 2016 WisdomTree Announces Second Quarter 2016 Results $0.03 diluted EPS for the quarter, or $0.07 as adjusted Declares $0.08 quarterly dividend NEW YORK, July 29, 2016 (GLOBE NEWSWIRE) -- WisdomTree
More informationDigital River, Inc. First Quarter Results (In thousands, except share data) Subject to reclassification
(In thousands, except share data) Consolidated Balance Sheets (Unaudited) December 31, Assets Current assets Cash and cash equivalents $ 500,742 $ 542,851 Short-term investments 144,615 162,794 Accounts
More informationAmeriprise Financial Fourth Quarter 2017 Conference Call
Ameriprise Financial Fourth Quarter 2017 Conference Call January 25, 2018 Brokerage, investments and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA
More informationON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data)
ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Quarter Ended Six Months Ended March 31, July 1, July 1, Revenue $ 1,338.0
More informationBlackRock Reports First Quarter 2018 Diluted EPS of $6.68, or $6.70 as adjusted
Tom Wojcik, Investor Relations 212.810.8127 212.810.5596 Brian Beades, Media Relations BlackRock Reports First Quarter 2018 Diluted EPS of $6.68, or $6.70 as adjusted $55 billion of quarterly long-term
More informationBlackRock Reports First Quarter 2017 Diluted EPS of $5.23, or $5.25 as adjusted
Tom Wojcik, Investor Relations Brian Beades, Media Relations 212.810.8127 212.810.5596 BlackRock Reports First Quarter 2017 Diluted EPS of $5.23, or $5.25 as adjusted $80 billion of long-term net inflows,
More information3Q18 Earnings Presentation. October 24, 2018
3Q18 Earnings Presentation October 24, 2018 NASDAQ 3Q18 HIGHLIGHTS Driving Accelerating Growth, Creating Sustainable Value Nasdaq Net Revenues 3Q18 Revenue Growth 1 : +5% Organic Y-o-Y Non-Trading Segments
More informationCYPRESS SEMICONDUCTOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) December 28, December 30, 2008 2007 ASSETS Cash, cash equivalents and short-term investments (a) $ 237,792 $ 1,035,738 Accounts receivable, net 92,353
More informationGardner Denver Reports Record First Quarter 2018 Results and Increases EBITDA Guidance for Full Year
April 26, 2018 Gardner Denver Reports Record First Quarter 2018 Results and Increases EBITDA Guidance for Full Year Revenues of $619.6 million increased 29% over the prior year, supported by strong and
More informationLam Research Corporation December Quarter 2017 Financial Results
Lam Research Corporation December Quarter Financial Results January 24, 2018 2018 Lam Research Corp. 1.24.2018 1 Cautionary Statement Regarding Forward-Looking Statements This presentation and the accompanying
More informationT. ROWE PRICE GROUP REPORTS FIRST QUARTER 2015 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2015 RESULTS Assets Under Management Increase to $772.7 Billion BALTIMORE (April 22, 2015) T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data)
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data) Revenue $ 1,455.9 $ 1,377.6 $ 1,338.0 $ 2,833.5 $ 2,774.7 Cost of revenue (exclusive of amortization shown below) 900.9
More informationInvesco first quarter 2014 results
Invesco first quarter 2014 results Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial Officer May 1, 2014 Forward-looking statements This presentation, and comments
More informationBankUnited, Inc. February 2019
BankUnited, Inc. February 2019 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the
More informationStrategic Allocaiton to High Yield Corporate Bonds Why Now?
Strategic Allocaiton to High Yield Corporate Bonds Why Now? May 11, 2015 by Matthew Kennedy of Rainier Investment Management HIGH YIELD CORPORATE BONDS - WHY NOW? The demand for higher yielding fixed income
More informationForward Looking Statements
Fourth Quarter 2018 Earnings Presentation February 6, 2019 Forward Looking Statements This presentation may contain forward-looking statements that are based on our beliefs and assumptions and on information
More informationYears ended March Consolidated Results
Financial Section Financial Summary JGAAP Years ended 2009 2010 2011 2012 2013 Consolidated Results (Millions of yen) Revenue 265,754 279,856 292,423 302,088 342,989 Gross profit 237,946 247,211 263,129
More informationMSCI THIRD QUARTER 2016
MSCI THIRD QUARTER 2016 Earnings Presentation October 27, 2016 2016 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document. FORWARD-LOOKING STATEMENTS Forward-Looking
More informationMorgan Stanley Financials Conference June 12, George R. Aylward President and Chief Executive Officer
Morgan Stanley Financials Conference June 12, 2018 George R. Aylward President and Chief Executive Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to
More informationBLACKSTONE GROUP L.P.
BLACKSTONE GROUP L.P. FORM 10-Q (Quarterly Report) Filed 05/08/09 for the Period Ending 03/31/09 Address 345 PARK AVENUE NEW YORK, NY 10154 Telephone 212 583 5000 CIK 0001393818 Symbol BX SIC Code 6282
More informationT. ROWE PRICE GROUP REPORTS SECOND QUARTER 2015 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS SECOND QUARTER 2015 RESULTS Assets Under Management Increase to $773.0 Billion BALTIMORE (July 23, 2015) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationAmeriprise Financial Reports Second Quarter 2011 Results
Ameriprise Financial Center Minneapolis, MN 55474 News Release Ameriprise Financial Reports Second Quarter 2011 Results Operating earnings increased 21 percent to $328 million, or $1.31 per diluted share
More informationBank of America Merrill Lynch Banking and Financial Services Conference. Glenn Youngkin, President and Chief Operating Officer November 2015
Bank of America Merrill Lynch Banking and Financial Services Conference Glenn Youngkin, President and Chief Operating Officer November 2015 Important Information This presentation has been prepared by
More informationBlackstone Reports Record First Quarter Results
Blackstone Reports Record First Quarter Results New York, April 18, 2013: Blackstone (NYSE: BX) today reported its first quarter 2013 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer,
More informationWisdomTree. Q4/14 and 2014 Results
WisdomTree Q4/14 and 2014 Results February 6, 2015 Forward Looking Statement This presentation contains forward-looking statements that are based on our management s belief and assumptions and on information
More informationQ Earnings Call
Q3 2018 Earnings Call October 22, 2018 Copyright 2018 IQVIA. All rights reserved. Legal This presentation should be viewed in conjunction with IQVIA s Q3 2018 earnings call Safe Harbor Statement for Forward-Looking
More informationebay Inc. Reports Fourth Quarter and Full Year 2018 Results and Announces Capital Structure Evolution
Exhibit 99.1 Reports Fourth Quarter and Full Year Results and Announces Capital Structure Evolution Revenue of $2.9 billion GAAP and Non-GAAP EPS per diluted share of $0.80 and $0.71, respectively, on
More informationNASDAQ REPORTS THIRD QUARTER 2018 RESULTS; DELIVERS SOLID ORGANIC REVENUE GROWTH
N E W S R E L E A S E D A T E : October 24, 2018 NASDAQ REPORTS THIRD QUARTER 2018 RESULTS; DELIVERS SOLID ORGANIC REVENUE GROWTH Third quarter 2018 net revenues 1 were $600 million, including 5% organic
More informationHON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED SHEETS 2016 IFRS Consolidated Financial Statements
HON HAI PRECISION INDUSTRY CO., LTD. AND SUBSIDIARIES CONSOLIDATED SHEETS 2016 IFRS Consolidated Financial Statements Unit: NT$ thousand Accounting Title 2016/12/31 2015/12/31 Balance Sheet Assets Current
More informationPiper Jaffray Companies Reports Second Quarter 2018 Results
Piper Jaffray Companies Reports Second Quarter 2018 Results MINNEAPOLIS July 27, 2018 Piper Jaffray Companies (NYSE: PJC) today announced its results for the second quarter ended June 30, 2018. "Revenues
More informationServiceNow, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited)
ServiceNow, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) Revenues: Three Months Ended March 31, 2018 March 31, 2017 *As Adjusted Subscription
More informationInvesco third quarter 2013 results
Invesco third quarter 2013 results Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial Officer October 31, 2013 Forward-looking statements This presentation, and comments
More informationNasdaq Reports Third Quarter 2018 Results; Delivers Solid Organic Revenue Growth
Nasdaq Reports Third Quarter 2018 Results; Delivers Solid Organic Revenue Growth October 24, 2018 Third quarter 2018 net revenues 1 were $600 million, including 5% organic revenue growth. Third quarter
More informationVMware, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended For the Year Ended 2010 2009 2010 2009 Cash flows from operating activities: Net income $ 119,880 $ 56,409 $ 357,439 $ 197,098
More informationFourth Quarter Results Fiscal Year 2018
Fourth Quarter Results Fiscal Year 2018 RPM INTERNATIONAL INC. 1 Consolidated Statements of Income: Fiscal Year 2018 ($ in thousands, except per share and percent data) Fiscal Year Ended May 31, % 2018
More informationON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data)
- 1 - UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data) Quarter Ended Year Ended September 29, 2017 Revenues $ 1,377.5 $ 1,390.9 $ 1,261.0 $ 5,543.1 $ 3,906.9 Cost of
More informationQ1 Fiscal Year 2019 Financial Highlights
Fiscal Year 2019 Financial Highlights For the quarter ended April 30, 2018 May 31, 2018 Forward-Looking Statements Certain statements in this communication may contain forward-looking statements within
More informationQ Earnings Call
Q1 2018 Earnings Call May 2, 2018 Copyright 2017 IQVIA. All rights reserved. Legal This presentation should be viewed in conjunction with IQVIA s Q1 2018 earnings call Safe Harbor Statement for Forward-Looking
More informationQ Earnings Call
Q4 2017 Earnings Call February 14, 2018 Copyright 2017 IQVIA. All rights reserved. Legal This presentation should be viewed in conjunction with IQVIA s Q4 2017 earnings call Safe Harbor Statement for Forward-Looking
More informationCYPRESS SEMICONDUCTOR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) March 30, December 30, 2008 2007 ASSETS Cash, cash equivalents and short-term investments (a) $ 956,963 $ 1,426,405 Accounts receivable, net 250,498
More informationReconciliation of Non-GAAP Financial Measures. Adjusted Operating Income Reconciliation
Reconciliation of Non-GAAP Financial Measures Adjusted Operating Income Reconciliation Adjusted operating income is not a measure of financial performance under generally accepted accounting principles
More informationThe Hartford Financial Services Group, Inc. October 25, Third Quarter 2018 Financial Results
The Hartford Financial Services Group, Inc. October 25, 2018 Third Quarter 2018 Financial Results Safe harbor statement Certain statements made in this presentation should be considered forward-looking
More informationNews Release FOR IMMEDIATE RELEASE Investor Relations: Media: Alan Magleby Mary Athridge 410-454-5246 212-805-6035 amagleby@leggmason.com mkathridge@leggmason.com LEGG MASON REPORTS FIRST FISCAL QUARTER
More informationGAMCO Investors, Inc. Reports Fourth Quarter 2017 Results
One Corporate Center Rye, NY 10580-1422 t 914.921.3700 GABELLI.COM For Immediate Release: Contact:Kieran Caterina or Diane M. LaPointe SVPs and Co-Chief Accounting Officers (914) 921-5149 or 7763 GAMCO
More informationFOR IMMEDIATE RELEASE Investor Relations: Media: Alan Magleby Mary Athridge 410-454-5246 212-805-6035 amagleby@leggmason.com mkathridge@leggmason.com LEGG MASON REPORTS FOURTH QUARTER AND FISCAL YEAR-END
More informationBlackstone Reports Third Quarter Results
Blackstone Reports Third Quarter Results New York, October 17, 2013: Blackstone (NYSE:BX) today reported its third quarter 2013 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer, said,
More informationWells Fargo Diversified Income Builder Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: EKSYX Portfolio manager: Margie D. Patel; Kandarp Acharya, CFA, FRM Subadvisor: Wells Capital Management Inc.
More informationIFMI REPORTS FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS
IFMI REPORTS FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS Full Year Adjusted Operating Income of $7.5 million, or $0.47 per Diluted Share Fourth Quarter Adjusted Operating Income of $4.3 million,
More informationOCH-ZIFF CAPITAL MANAGEMENT GROUP LLC (Exact Name of Registrant as Specified in its Charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended
More informationManagement Presentation. Third Quarter 2018 Results. October 29, 2018
Management Presentation Third Quarter 2018 Results October 29, 2018 FORWARD LOOKING STATEMENTS & OTHER INFORMATION This presentation contains forward-looking statements. Statements in this presentation
More informationUnappropriated retained earnings (accumulated deficit) Total unappropriated retained earnings (accumulated deficit) 676, ,797 Total retained ear
Financial Statement Balance Sheet Accounting Title 2014/12/31 2013/12/31 Balance Sheet Assets Current assets Cash and cash equivalents Total cash and cash equivalents 1,183,185 1,177,682 Current bond investment
More informationth IFRS Consolidated Financial Statements
2461 2017 4th IFRS Consolidated Financial Statements Balance Sheet Balance Sheet Unit: NT$ thousand Accounting Title 2017/12/31 2016/12/31 Assets Current assets Cash and cash equivalents Total cash and
More informationBlackstone Reports Full Year and Fourth Quarter Results
Blackstone Reports Full Year and Fourth Quarter Results New York, January 29, 2015: Blackstone (NYSE:BX) today reported its full year and fourth quarter 2014 results. Stephen A. Schwarzman, Chairman and
More informationLogMeIn Announces Second Quarter 2018 Results
LogMeIn Announces Second Quarter 2018 Results Boston, July 26, 2018 LogMeIn, Inc. (NASDAQ: LOGM), a leading provider of cloud-based connectivity, today announced its results for the second quarter ended
More informationBlackstone Reports First Quarter 2018 Results
Blackstone Reports First Quarter 2018 Results New York, April 19, 2018: Blackstone (NYSE:BX) today reported its first quarter 2018 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer,
More informationCommScope Holding Company, Inc. Condensed Consolidated Statements of Operations (Unaudited -- In thousands, except per share amounts)
Condensed Consolidated Statements of Operations (Unaudited -- In thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Net sales $ 1,120,517 $ 1,137,285 Operating costs and expenses:
More informationBlackstone Reports Fourth Quarter and Full Year 2018 Results
Blackstone Reports Fourth Quarter and Full Year 2018 Results New York, January 31, 2019: Blackstone (NYSE:BX) today reported its fourth quarter and full year 2018 results. Stephen A. Schwarzman, Chairman
More informationFourth-Quarter 2009 Earnings Presentation
Fourth-Quarter 2009 Earnings Presentation Non-GAAP Financial Measures January 21, 2010 Non-GAAP Financial Measures Constant Currency : To better understand trends in our business, we believe that it is
More informationFinancial Statement Balance Sheet
Financial Statement Balance Sheet Accounting Title 2014/3/31 2013/12/31 2013/3/31 Balance Sheet Assets Current assets Cash and cash equivalents Total cash and cash equivalents 4,556,450 4,372,738 3,960,180
More informationBlackstone Reports Second Quarter 2018 Results
Blackstone Reports Second Quarter 2018 Results New York, July 19, 2018: Blackstone (NYSE:BX) today reported its second quarter 2018 results. Stephen A. Schwarzman, Chairman and Chief Executive Officer,
More informationForward Looking Statements
Third Quarter 2018 Results and Acquisition of USAA Asset Management Company November 7, 2018 Forward Looking Statements This presentation may contain forward-looking statements that are based on our beliefs
More information1Q18 Earnings Presentation. April 25, 2018
1Q18 Earnings Presentation April 25, 2018 NASDAQ 1Q18 HIGHLIGHTS¹ Driving Accelerating Growth, Creating Sustainable Value Nasdaq Net Revenues 1Q18 Revenue Growth: +9% Organic Y-o-Y Information Services
More informationCONSTELLATION SOFTWARE INC.
CONSTELLATION SOFTWARE INC. MANAGEMENT S DISCUSSION AND ANALYSIS ( MD&A ) The following discussion and analysis should be read in conjunction with the unaudited consolidated interim financial statements
More informationFORTRESS INVESTMENT GROUP LLC
FORTRESS INVESTMENT GROUP LLC Contact: Lilly H. Donohue 212-798-6118 Highlights Fortress Reports Fourth Quarter & Year End Financial Results Assets under management of $31.8 billion as of Raised $1.4 billion
More informationSecond-Quarter Fiscal 2019 Financial Results and Update. February 5, 2019
Second-Quarter Fiscal 2019 Financial Results and Update February 5, 2019 Forward-looking statements and non-gaap financial measures Forward-looking statements Statements made in this presentation that
More informationThe Glenmede Fund, Inc. The Glenmede Portfolios
The Glenmede Fund, Inc. The Glenmede Portfolios Annual Report The performance for the portfolios shown on pages 2 to 4 and 6 to 24 represents past performance and is not a guarantee of future results.
More informationCI FUND M ANAGEMENT I NC. Q 3 R EPORT F EBRUARY 29, 2004
Q CI FUND M ANAGEMENT I NC. Q 3 R EPORT F EBRUARY 29, 2004 F INANCIAL H IGHLIGHTS FEBRUARY 29, (thousands of dollars, except per share amounts) 2004 2003 % change As at February 29 Total fee-earning assets
More informationOch-Ziff Capital Management Group LLC Reports 2016 First Quarter Results
Och-Ziff Capital Management Group LLC Reports 2016 First Quarter Results NEW YORK, May 3, 2016 Och-Ziff Capital Management Group LLC (NYSE: OZM) (the Company or Och-Ziff ) today reported GAAP net loss
More information