Cohen & Steers, Inc.(CNS), a leading investment manage ment company, has released its financial statements for the first quarter of 2023. The company reported a net income of $36.3 million, along with revenue amounting to $126.1 million during the same period. Let's delve into the details of the financial statements and explore the company's performance in the first quarter of the year.**
Financial Statements
Assets
Cash and cash equivalents decreased to $149.5 million in Q1 2023 from $247.4 million in December 2022.
Investments increased to $211.4 million from $172.9 million.
Accounts receivable rose to $76.6 million from $70.2 million.
Due from brokers increased to $2.4 million from $2.1 million.
Property and equipment net increased to $12.4 million from $8.8 million.
Operating lease right-of-use assets decreased to $132.4 million from $136.4 million.
Goodwill and intangible assets remained relatively stable at $19.2 million.
Other assets increased to $19.6 million from $16.5 million.
Liabilities
Accrued compensation and benefits decreased to $16.6 million from $77.8 million.
Distribution and service fees payable increased to $9.6 million from $8.4 million.
Operating lease liabilities remained relatively stable at $137.7 million.
Income tax payable increased to $11.3 million from $7.8 million.
Due to brokers increased to $1.2 million from $0.8 million.
Other liabilities and accrued expenses increased to $17.4 million from $12.9 million.
Common stock increased to $558,000 from $551,000.
Additional paid-in capital increased to $781.3 million from $769.4 million.
Accumulated deficit decreased to $165.1 million from $171.4 million.
Accumulated other comprehensive loss decreased to $9.2 million from $10.8 million.
Treasury stock increased to $270.6 million from $250.2 million.
Nonredeemable noncontrolling interests increased to $5.4 million from $4.1 million.
Net Income and Loss
Cohen & Steers, Inc. reported a net income of $36.3 million for the first quarter of 2023, compared to $46.8 million in the same period of the previous year.
Revenue
The company's revenue for the first quarter of 2023 amounted to $126.1 million, a decrease from $154.2 million in the first quarter of 2022.
Cohen & Steers, Inc. experienced a decline in net income and revenue during the first quarter of 2023. The company's financial performance will be closely watched by investors and analysts as it navigates the changing economic landscape.