CNS AR24 Digital - Book - Page 49
Revenue, Expenses, Operating Income and Operating Margin
2024
(in thousands, except percentages)
Revenue, U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 517,417
Consolidated funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
853
Revenue, as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 518,270
Years Ended December 31,
2023
2022
$ 489,637
(466)
$ 489,171
$ 566,906
790
$ 567,696
Expenses, U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 344,540
Consolidated funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(698)
Accelerated vesting of restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . .
(7,134)
Other non-recurring expenses (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,196)
(2)
Lease transition and other costs - 280 Park Avenue
..................
(807)
(3)
Closed-end fund offering costs
..................................
4
Expenses, as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 334,705
325,160
(2,021)
(1,318)
4
(9,721)
4
$ 312,100
350,968
(838)
(10,260)
4
(776)
(15,239)
$ 323,855
Operating income, U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 172,877
Consolidated funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,551
Accelerated vesting of restricted stock units . . . . . . . . . . . . . . . . . . . . . . . . . .
7,134
Other non-recurring expenses (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,196
807
Lease transition and other costs - 280 Park Avenue (2) . . . . . . . . . . . . . . . . . .
(3)
Closed-end fund offering costs
..................................
4
Operating income, as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 183,565
$ 164,477
1,555
1,318
4
9,721
4
$ 177,071
$ 215,938
1,628
10,260
4
776
15,239
$ 243,841
Operating margin, U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating margin, as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33.4 %
35.4 %
33.6 %
36.2 %
38.1 %
43.0 %
_________________________
(1) Represents the impact of incremental expenses associated with the separation of certain employees.
(2) 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.
(3) Represents costs associated with the offering of RLTY.
Non-operating Income (Loss)
(in thousands)
Non-operating income (loss), U.S. GAAP . . . . . . . . . . . . . . . . . . . . . . . . . . $
Seed investments4net (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency exchange (gains) losses4net (2) . . . . . . . . . . . . . . . . . . . . .
Non-operating income (loss), as adjusted . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
_________________________
2024
Years Ended December 31,
2023
36,664 $
(19,323)
(1,059)
16,282 $
15,774 $
(6,863)
2,371
11,282 $
2022
(19,041)
24,245
(4,741)
463
(1) Represents the impact of consolidated funds and the net effect of corporate seed investment performance.
(2) Represents net foreign currency exchange (gains) losses associated with U.S. dollar-denominated assets held by certain foreign
subsidiaries.
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