CNS AR24 Digital - Book - Page 46
Summary of Operating Results
Years Ended December 31,
(in thousands, except percentages and per share data)
U.S. GAAP
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Net income attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . $
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Operating margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2024
517,417
344,540
172,877
151,265
2.97
33.4 %
2023
$ 489,637
$ 325,160
$ 164,477
$ 129,049
$
2.60
33.6 %
2022
$
$
$
$
$
566,906
350,968
215,938
171,042
3.47
38.1 %
As Adjusted (1)
$ 140,511
$ 182,251
Net income attributable to common stockholders . . . . . . . . . . . . . . . . . . . . . . . $ 149,286
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2.93
$
2.84
$
3.70
Operating margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35.4 %
36.2 %
43.0 %
_________________________
(1) Refer to pages 30-31 for reconciliations of U.S. GAAP to as adjusted results.
Year Ended December 31, 2024 Compared with Year Ended December 31, 2023
Revenue
Years Ended December 31,
(in thousands)
2024
2023
$ Change
% Change
Investment advisory and administration fees
Open-end funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Institutional accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Closed-end funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distribution and service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
258,010
129,072
99,977
487,059
28,142
2,216
517,417
$
$
239,501
123,565
96,345
459,411
28,200
2,026
489,637
$
$
$
$
$
$
$
18,509
5,507
3,632
27,648
(58)
190
27,780
7.7 %
4.5 %
3.8 %
6.0 %
(0.2)%
9.4 %
5.7 %
Investment advisory and administration revenue increased from the year ended December 31, 2023 primarily due to
higher average assets under management.
Total investment advisory and administration revenue from open-end funds compared with average assets under
management implied an annual effective fee rate of 66.0 bps and 66.2 bps for the years ended December 31, 2024 and 2023,
respectively.
Total investment advisory revenue from institutional accounts compared with average assets under management
implied an annual effective fee rate of 38.5 bps and 37.6 bps for the years ended December 31, 2024 and 2023, respectively.
Excluding performance fees of $1.4 million and $2.5 million, the implied annual effective fee rate would have been 38.1 bps
and 36.8 bps for the years ended December 31, 2024 and 2023, respectively. The increase in the implied annual effective fee
rate is primarily due to the shift in the mix of assets under management.
Total investment advisory and administration revenue from closed-end funds compared with average assets under
management implied an annual effective fee rate of 88.7 bps and 88.8 bps for the years ended December 31, 2024 and 2023,
respectively.
Expenses
Years Ended December 31,
(in thousands)
Employee compensation and benefits . . . . . . . . . . . . . . . . . . . . . $
Distribution and service fees . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . .
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
28
2024
217,980
57,137
60,135
9,288
344,540
$
$
2023
200,181
54,170
66,704
4,105
325,160
$
$
$
$
$
$ Change
17,799
2,967
(6,569)
5,183
19,380
% Change
8.9 %
5.5 %
(9.8)%
126.3 %
6.0 %
