CNS AR24 Digital - Book - Page 51
On April 22, 2024, we issued 1,007,057 shares of common stock through an offering. The net proceeds, after
deducting commissions and offering expenses, were approximately $68.5 million. We intend to use the net proceeds for
general corporate purposes, including seeding track record strategies and investment vehicles. The offering was completed on
April 22, 2024 after the issuance of the shares.
We have committed to invest up to a total of $175.0 million in certain of our investment vehicles, of which $80.0
million remained unfunded as of December 31, 2024. The timing for funding the remaining portion of our commitments is
uncertain.
Cash flows
Our cash flows generally result from the operating activities of our business, with investment advisory and
administration fees being the most significant contributor.
The table below summarizes our cash flows:
Years Ended December 31,
2024
(in thousands)
2023
2022
Cash Flow Data:
Net cash provided by (used in) operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 96,689 $ 171,961 $ 61,680
(2,857)
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (119,712) (114,776)
18,167
(119,052)
8,975
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4,856)
(61,867)
67,798
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1,585)
2,756
(4,440)
Effect of foreign exchange rate changes on cash and cash equivalents . . . . . . . . . . . . .
248,714
185,356
Cash and cash equivalents, beginning of the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . 189,603
Cash and cash equivalents, end of the period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 183,162 $ 189,603 $ 248,714
In 2024, cash and cash equivalents, excluding the effect of foreign exchange rate changes, decreased by $4.9 million
when compared with 2023. Cash flows from operating activities primarily consisted of net income adjusted for certain noncash items and changes in assets and liabilities. Net cash provided by operating activities was $96.7 million. Net cash used in
investing activities was $119.7 million, which included the funding of $67.0 million of our $125.0 million commitment to
CNSREIT and net purchases of U.S. Treasury securities held for corporate purposes of $48.1 million. Net cash provided by
financing activities was $18.2 million, including net contributions from noncontrolling interests of $88.9 million and
proceeds of $68.5 million from the issuance of common stock in a registered public offering, partially offset by dividends
paid to stockholders of $119.2 million and repurchases of common stock to satisfy employee withholding tax obligations on
the vesting and delivery of restricted stock units of $21.1 million.
Contractual Obligations, Commitments and Contingencies
The following table summarizes our contractual obligations at December 31, 2024:
(in thousands)
2025
Operating leases . . . . . . . . . . . . . $
Purchase obligations (1) . . . . . . . .
Other liability (2) . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . $
14,012
6,974
2,077
23,063
2026
$
$
14,624
4,089
4
18,713
2027
$
$
14,607
803
4
15,410
2028
$
$
14,419
292
4
14,711
2029
Thereafter
$ 14,880 $ 138,472
266
554
4
4
$ 15,146 $ 139,026
Total
$ 211,014
12,978
2,077
$ 226,069
_________________________
(1) Represents contracts that are either noncancellable or cancellable with a penalty. Our obligations primarily reflect information
technology equipment, software licenses and standard service contracts for market data.
(2) Consists of the transition tax liability based on the cumulative undistributed earnings and profits of our foreign subsidiaries in
connection with the enactment of the Tax Cuts and Jobs Act in 2017. See Note 15, Income Taxes, in the notes to the consolidated
financial statements included in Part IV, Item 15 of this filing.
33
