CNS AR24 Digital - Book - Page 48
Reconciliations of U.S. GAAP to As Adjusted Financial Results
Management believes that use of the following as adjusted (non-GAAP) financial results provides greater transparency into
the Company9s operating performance. In addition, these as adjusted financial results are used to prepare the Company's
internal management reports, which are used in evaluating its business.
While management believes that these as adjusted financial results are useful in evaluating operating performance, this
information should be considered as supplemental in nature and not as a substitute for the related financial information
prepared in accordance with U.S. GAAP.
Effective January 1, 2023, the Company revised its methodology for as adjusted results to include interest and dividends from
corporate seed investments. Amounts for the year ended December 31, 2022 have not been recast to conform with the current
methodology as the impact was not significant.
Net Income Attributable to Common Stockholders and Diluted Earnings per Share
Years Ended December 31,
(in thousands, except per share data)
2024
Net income attributable to common stockholders, U.S. GAAP . . . . . . . . . . . . . $
Seed investments4net (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accelerated vesting of restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-recurring expenses (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease transition and other costs - 280 Park Avenue (3) . . . . . . . . . . . . . . . . . . . . . .
Closed-end fund offering costs (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency exchange (gains) losses4net (5) . . . . . . . . . . . . . . . . . . . . . . . . .
Tax adjustments4net (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income attributable to common stockholders, as adjusted . . . . . . . . . . . . . . . . $
151,265 $ 129,049 $
(6,245)
2,252
7,134
1,318
1,196
4
807
9,721
4
4
(1,059)
2,371
(3,812)
(4,200)
149,286 $ 140,511 $
171,042
4,317
10,260
4
776
15,239
(4,741)
(14,642)
182,251
Diluted weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share, U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
50,938
2.97 $
(0.12)
0.14
0.02
0.02
4
(0.02)
(0.08)
2.93 $
49,297
3.47
0.09
0.21
4
0.02
0.31
(0.10)
(0.30)
3.70
Seed investments4net (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accelerated vesting of restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-recurring expenses (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease transition and other costs - 280 Park Avenue (3) . . . . . . . . . . . . . . . . . . . . . .
Closed-end fund offering costs (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency exchange (gains) losses4net (5) . . . . . . . . . . . . . . . . . . . . . . . . .
Tax adjustments4net (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings per share, as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
2023
49,553
2.60 $
0.05
0.03
4
0.20
4
0.05
(0.09)
2.84 $
2022
_________________________
(1) Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2) Represents the impact of incremental expenses associated with the separation of certain employees.
(3) Represents the impact of lease and other expenses related to the Company's prior headquarters, for which the lease expired in January
2024. From a GAAP perspective, the Company recognized lease expense on both its prior and current headquarters as a result of
overlapping lease terms.
(4) Represents costs associated with the offering of the Cohen & Steers Real Estate Opportunities and Income Fund (RLTY).
(5) Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign
subsidiaries.
(6) Tax adjustments are summarized in the following table:
Years Ended December 31,
2024
(in thousands)
Impact of tax effects associated with items noted above . . . . . . . . . . . . . . . . . . . . $
Impact of discrete tax items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total tax adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
30
(2,020) $
(1,792)
(3,812) $
2023
(3,085) $
(1,115)
(4,200) $
2022
(3,522)
(11,120)
(14,642)
